the full form of DBS is Development Bank of Singapore Limited is how DBS is formally known. A worldwide banking and financial services company with its headquarters in Marina Bay, Singapore, is DBS Bank Ltd. The organisation was known as The Development Bank of Singapore Limited prior to the introduction of the new name on July 21st, 2003, to reflect its evolving stature as a leading bank. On July 16, 1968, the Singaporean government founded the bank to take over the Commercial Financing activities from the Economic Development Board. Currently, there are more than a hundred of its divisions spread out across the island. DBS is the largest bank in Southeast Asia by capital and one of the biggest banks in Asia, with liquid assets of S$518 billion as of 31 December 2017. The bank operates in seventeen markets and has a regional network of more than 250 subsidiaries and 1,100 ATMs spread over 50 cities.
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History Of DBS
- On July 16, 1968, the Singaporean government created DBS to replace the Economic Development Board’s manufacturing capital expenditures.
- The bank’s main goals would be to lend money to the manufacturing sector, aid with financing projects, and support the development of new and improved industries in Singapore.
- A United Nations industrial analysis mission was invited by the Singaporean government in 1960 to assess Singapore’s financial situation and develop an industrialization plan for the city-state.
- In order to draw in international investors and finance and administer industrial sites, the proposal has called for the establishment of a development bank coupled with an administrative agency.
- The bank was founded in July 1968, and its operations got underway in September of the same year.
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Requirements to Open Account in DBS
In Singapore, opening a DBS account is simple and only requires completing an online application. Each applicant must upload a scanned copy of the needed documents for the Online Personal/Joint-Alternate Account Application; however, for the Branch Account Application, applicants must bring the original copies of the required documents.
- Birth Certification
- Proof of Residential Address
- ID proof Documents such as PAN card, Adhar Card, Voter ID card etc.