Asia’s best bank for corporate responsibility 2020: DBS

Awards for Excellence 2020

It is hard to find a bank with greater integrity than DBS. Its commitment to responsible banking, sustainable finance, running a responsible business and creating social impact are obvious; and this year it wins the award for Asia’s best bank for corporate responsibility. 

Last year, the bank announced that it will cease financing new coal-fired power plants in any market. In recent months the bank has piloted a set of rules to ensure any deal or service is labelled correctly. 

Under chief sustainability officer Mikkel Larsen, DBS has also worked with the Impact Institute in Amsterdam on the social and natural capital impacts of the palm oil and electric vehicle industries to better understand how it should finance these sectors.

DBS continues to work on ground-breaking deals, including last year’s sustainability-linked loan for egg producer Chew’s Agriculture – a first-of-its-kind deal that enabled the SME to finance a new farm with cage-free facilities. Under the terms of the loan, Chew’s will be charged lower interest rates if it is certified by the Humane Farm Animal Care body, a US-based nonprofit.

Through its POSB division, DBS extends subsidized banking services to young customers, seniors and national servicemen. In 2019, POSB waived banking fees for over two million customers. 

It also works with the Singapore Prison Service, opening 4,000 accounts for ex-offenders to help them reintegrate into society. POSB is the only bank to collaborate with the Migrant Workers Centre and the Centre for Domestic Employees, setting up banking accounts in Singapore for migrant workers.

During the Covid-19 crisis, the bank’s care for clients, employees and the community has been exemplary. 

Understanding the plight of social entrepreneurs, DBS Foundation has provided wide-ranging support in the form of grants, loans and mentorship; and in China it joined forces with the China Social Enterprise and Impact Investment Forum to help social entrepreneurs work out how to survive the pandemic.