DBS CEO Tan Su Shan sees tech-led growth in China despite property slowdown
Tan says diversification is even more urgent post ‘Liberation Day’
[SINGAPORE] China’s push into deep technology and artificial intelligence is creating pockets of growth despite an uneven recovery in its property sector and subdued consumer sentiment, DBS Group chief executive Tan Su Shan said on Tuesday (Nov 11).
Speaking at a Reuters NEXT Newsmaker interview, Tan said: “You’ve got pockets of exciting growth, all driven by technology and fully supported by the government. And I think that’s where you focus your growth on.”
Tan, who became the first woman to lead South-east Asia’s largest bank by assets in March, said she sees signs of recovery in cities such as Shanghai, where DBS recently opened a wealth centre to expand its onshore wealth management business.
“Rates are very low, and so the money has to be invested somewhere, and it’s not going to the property market, so it will probably go into wealth management products,” she said.
Tan said it was important to listen to what the Chinese government says. “I always take notes, because I know if they put their mind to it, they will do it.”
Chinese technologies with “exciting growth” include deep tech AI, biotechnology, small language models, humanoid robots and drones, she said.
Tan also said that Shenzhen Rural Commercial Bank, a Chinese bank in which DBS holds a 19.4 per cent stake, subject to regulatory approval, is a “very complementary” partnership, with DBS helping SRCB’s clients expand overseas.
DBS in January said it raised its stake in Shenzhen Rural Commercial Bank to 19.4 per cent from 16.7 per cent, strengthening its presence in China’s Greater Bay Area as part of its long-term growth strategy.
She also reiterated the need for businesses to diversify supply chains and revenue sources, especially after the US imposed sweeping tariffs on dozens of countries in April, which President Donald Trump called “Liberation Day”.
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“Covid was a dry run,” Tan said, adding that when the tariffs hit, the strategy was to “press that diversification button even harder, especially on the demand side”.
DBS, ranked as Singapore and South-east Asia’s largest bank in terms of assets, reported better-than-expected third-quarter earnings on Thursday, sending its shares to a record high, but guided that 2026 net interest margins will be slightly below 2025 levels. REUTERS
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