DBS demonstrated once again in 2024 why it leads globally in corporate responsibility, with a strategy that is both expansive and deeply embedded across its operations.
Its approach is not limited to philanthropy or compliance. As Helge Muenkel, chief sustainability officer, puts it: “We don’t consider CSR the icing on the cake – it’s part of the cake. It’s integrated into how we think and do things.”
This review period marked DBS’s enhanced commitment to the DBS Foundation, through strengthened governance processes and better resourcing, including a scaled-up pledge of up to S$1 billion ($781 million) and 1.5 million volunteer hours over 10 years.
The foundation’s strategy focuses on providing essential needs and fostering inclusion, boosting skills-based volunteering and driving an employee “culture of giving”. In 2024 alone, DBS committed over S$100 million to support 16 new multi-year programmes and 22 Businesses for Impact. These initiatives reached more than 5.6 million individuals, delivering access to healthcare, education, nutrition and financial services.
In 2024, staff delivered over 270,000 volunteering hours – a 30% increase year-on-year – with 9% growth in skills-based volunteering. These efforts reached more than 213,000 individuals, reflecting the bank’s belief in collective action as a force for meaningful change.
The bank’s commitment to inclusion is equally evident in its financial services. In Singapore, DBS lowered eligibility requirements for its Multiplier Account to help low-income earners and gig workers grow their savings. It also subsidised over S$14 million in everyday purchases through DBS Hawker Meals and POSB Support Our Heartlands. In India, its Priority Sector Lending portfolio grew 24% year-on-year to S$3.4 billion, while in Indonesia, DBS disbursed over S$1 billion in loans to low-income segments
Support for micro, small and medium enterprises is another pillar of DBS’s strategy. In Singapore, the bank issued 4,000 unsecured loans totalling S$500 million. In Hong Kong, it actively participated in the SME Financing Guarantee Scheme, and in India, it offered collateral-free loans of up to S$333,000 under the Credit Guarantee Fund Trust for Micro and Small Enterprises scheme. Beyond financing, DBS launched programmes to help SMEs transition towards sustainability, including the DBS ESG Ready Programme and the DBS Sustainability Accelerator Tool.
In 2024, DBS’s corporate responsibility strategy was not only ambitious but also well executed
Internally, DBS continues to invest in its people. In 2024, over 12,700 employees were identified for upskilling or reskilling, with more than 9,700 commencing or completing their learning roadmaps. Over 4,600 employees successfully transitioned into new roles.
“We want employees to feel purposeful, connected, cared for, invested in, and valued. Our churn rate is very low – even among tech staff,” says Muenkel. This is supported by a comprehensive employee value proposition and a horizontal organisational structure that aligns staff around customer journeys.
Diversity, equity and inclusion (DEI) remain central to DBS’s culture. Women represent 49% of the workforce, 41% of senior management and 20% of the board. The bank has set a target of 30% female board representation by 2030 and is on track to meet it. “Our leadership insists we double down on DEI in our sustainability reporting – because we believe in it, regardless of what’s happening elsewhere,” says Muenkel.
The bank’s DEI efforts extend beyond internal metrics. Its technology team partnered with Daughters of Tomorrow to promote STEM among girls, while its global financial markets team launched a gender diversity council and mentoring programmes.
Governance underpins all of DBS’s sustainability efforts. The board sustainability committee and group sustainability council provide oversight at the strategic and management level, while the DBS Foundation Board has established a governance committee to ensure strategic direction and compliance.
In 2024, DBS’s corporate responsibility strategy was not only ambitious but also well executed. Its achievements across philanthropy, inclusion, employee engagement and governance reflect a bank that sees responsibility not as a side project but as central to its identity.
