This year, DBS has been named Asia’s best private bank for high-net-worth individuals, a testament to its innovative approach in this competitive wealth-management sector.
At a time when the race to attract HNW individuals intensifies, DBS sets itself apart with a distinctive product offering that caters to the growing interest of Asia's wealthy in digital assets.
It has launched trust solutions for cryptocurrencies, merging the security and succession planning of traditional wealth management with the dynamic landscape of digital assets.
Building upon DBS Trustee's experience with conventional assets, this foray into digital assets positions DBS as a trailblazer in Asia's financial sector.
In 2022, DBS reported an 80% increase in the volume of bitcoin traded on its DBS Digital Exchange. Capitalizing on this momentum, the bank expanded its services to include digital asset custody, which resulted in a doubling of the number of bitcoins under custody.
The bank's offerings in legacy insurance have also seen considerable growth, with HNW legacy insurance revenues climbing by 20% year on year, and projections indicating a record high by the end of 2023.
DBS has embraced impact investments to cater to HNWIs looking to make a lasting social impact. In 2023, the bank announced a $20 million initial closing of the Asia Impact First Fund, with a $10 million commitment from DBS itself. The fund is dedicated to supporting high-potential social enterprises across Asia, allowing UHNWIs to extend their philanthropic reach beyond traditional charity, by funding and mentoring social entrepreneurs.
DBS sets itself apart with a distinctive product offering that caters to the growing interest of Asia's wealthy in digital assets
The bank's future leaders programme integrates the next generation into its sustainable vision, uniting 28 young people in a three-day event that emphasizes sustainability, impact investing and innovation. The programme culminates in a spirited 'Shark Tank'-style session, presenting business ideas to seasoned social entrepreneurs.
DBS’s HNW proposition is bolstered by the chief investment office's proven expertise and strategic investment approach. This has been exemplified by strong returns from offerings like the DBS Idea Fund, which capitalizes on secular tech trends. It had a 14% return as of September 2023.
DBS also revamped its CIO Liquid+ Fund, optimizing yield, safety and liquidity amid the search for safe-haven assets.