DBS named world's best digital bank by Euromoney

DBS has been named the world's best digital bank by Euromoney magazine, the bank on Monday said, beating contenders such as Citi and ING to the prize.

Euromoney also named DBS as Asia's best bank. The two awards mark the first time a Singapore and Asian bank has won a global accolade from the financial publication.

"Banks tomorrow will look fundamentally different from banks today," said CEO of DBS Piyush Gupta in a media statement. "That's why we have spent the past three years deeply immersed in the digital agenda."

Editor of Euromoney magazine, Clive Horwood, said that "it is demonstrably the case that digital innovation pervades every part of DBS, from consumer to corporate, SMEs to transaction banking, and even the DBS Foundation".

"Lenders in digital banking talk about the difference between digitising aspects of a bank and creating a truly digital financial institution. DBS is doing this better than any other bank," said Mr Horwood in a statement.

DBS was shortlisted as the world's best bank, but lost out to BNP Paribas.