Best bank 2025: DBS
In May 2024, DBS became the first Singaporean company to cross S$100 billion in market capitalisation, ending the year at S$124 billion. Total shareholder returns reached 51%, one of the best years ever for Euromoney’s winner of Singapore’s best bank 2025.
After three consecutive years of growth, DBS revenues and net profit reached all-time highs in 2024: up by 10% to S$23 billion ($18 billion) and by 11% to S$11.4 billion, respectively. The cost/income ratio was 39.9%, partly due to operational changes and technology investments, and return on equity was 18%, several percentage points higher than local and most global peers.
With Singapore and Hong Kong’s status as a hub for offshore wealth rapidly outpacing the US and European hubs in growth, DBS banks about a third of Singapore incorporated single-family offices. It has launched what it calls the world’s first bank-backed multi-family office, making use of Singapore’s variable capital company structure. It benefits from links to the commercial bank, helping structure innovative financing solutions.
In the institutional bank, DBS is continuing to invest in new products, and in growing its business along burgeoning Asia-related trade and investment corridors.
Industry-specific focus, combined with a relatively early rollout of an agile-at-scale organisational structure that it calls Managing through Journeys, has resulted in higher customer satisfaction and growth, including among SMEs. The bank recorded a 30% reduction in the turnaround time for corporate account opening, and a halving of the time it takes to implement SME payment and collection API mandates in Singapore last year.
“Managing through Journeys has enabled us to gain a higher cadence and quality of customer insight and service, resulting in compound annual growth between 2022 and 2024 of 26% in SME numbers and 22% in SME revenues,” says Han Kwee Juan, group head of institutional banking.
In digital advancements, DBS’s recent gen-AI projects include a tailormade co-pilot in its wealth business that helps relationship managers distil data from multiple proprietary sources into a curated view on the client and portfolio, highlighting any information gaps to fill and suggesting appropriate actions – saving hours of preparation. Last year the bank also released DBS-GPT to help staff search and synthesise internal bank information.
DBS’s relative embrace of blockchain technology suggests a receptive attitude to technological change is already widespread at the bank. In October last year, it launched DBS Token Services for transaction banking clients, after a pilot earlier in the year with Ant International, a fintech affiliate of Alibaba. The scheme allows firms like Ant to settle multi-currency transactions within their group around the clock on DBS’s permissioned blockchain.
The bank also launched crypto options trading and structured notes for institutional investors and wealth clients in September, amid rising demand for its custody services and booming volumes on its digital assets trading platform.
AI-powered chatbots are increasingly used to answer basic transactional questions previously fielded in call centres. Even when calls do come through, customer service officers are spending less time searching through bank policies and filling out post-call documentation, thanks to DBS’s gen-AI CSO Assistant.
In ESG, as part of its community initiatives, DBS last year started rolling out a S$1 billion 10-year programme to help vulnerable communities. It is also committed to its net-zero transition strategy. All told, DBS’s sustainable financing commitments, net of repayments, rose by 27% to S$89 billion in 2024, a figure chief executive Tan Su Shan expects to continue rising.
Best investment bank 2025: DBS
An early 2024 merger of DBS’s equity capital markets division, its brokerage arm DBS Vickers and DBS Digital Exchange with its existing treasury markets business took the Singaporean firm’s investment banking operation up a notch.
More synergies between the debt and ECM teams, offering clients the best solutions as opposed to siloed products, and optimisation of resources among products and geographies were just some of the benefits seen by DBS, according to Clifford Lee, the bank’s global head of investment banking.
For instance, Keppel DC Reit raised about S$1 billion ($781 million) from a placement last year (the largest on the SGX in 2024), but it had been given a suite of options initially by DBS, including raising a perpetual bond. Additionally, when ECM volumes on the Singapore bourse plunged in 2024, DBS didn’t need to cut staff but moved them to other functions, like debt capital markets, which was busier.
That meant DBS’s presence was felt across asset classes. During Euromoney’s review period, it managed multiple benchmark size deals such as the government of Singapore’s S$2.5 billion green bonds, HSBC’s S$750m tier two note, UBS’s S$500m additional tier one bond and Temasek’s debut public offshore renminbi bond.
In the dollar bond market, DBS’s client list spanned Greater China borrowers as well as high-profile names from southeast Asia like Khazanah Nasional and the Philippines’ San Miguel Power.
Despite a quiet period for ECM, DBS pulled off a handful of deals, for the likes of Frasers Centrepoint Trust, Digital Core Reit, Keppel Infrastructure Trust, Parkway Life Reit and Keppel DC Reit – showing its ability to grasp opportunities even during tough times.
Best investment bank for DCM 2025: UOB
UOB’s ties with Singapore’s private and public sector groups are strong, and can be seen in the kinds of debt capital market deals it worked on in the past year. The largest of the lot was a S$2.5 billion ($1.96 billion) green bond for the Monetary Authority of Singapore – a deal that received a hefty orderbook of S$6 billion.
UOB also worked on four of the Housing and Development Board’s bond outings in 2024, helping the company raise a total of $3.4 billion. Thomson Medical Group was also a repeat client for the bank, as were City Developments and ST Telemedia Global Data Centres.
In all, the bank had league table credits of just over $4 billion for Singapore borrowers, giving it a 13.83% market share and second place on the bookrunning league table, shows Dealogic – leadership that came amid a year of disruptions and adapting to fast-changing macro and interest rate environments.
UOB itself also made its mark as a borrower in the bond market. The bank made a high-profile return to the renminbi-denominated Panda bond market in October 2024 with the first Panda to be listed on the Singapore Exchange. The Rmb5 billion ($698 million) deal was the largest from a southeast Asian issuer, and the largest for a three year tenor among foreign financial issuers at the time. The deal was 1.73 times covered.
UOB also tapped the Australian dollar market twice in 2024, raising A$2.25 billion ($1.48 billion) in all, and reopened the sterling covered bond market for global non-UK banks post the summer with a £750 million ($1 billion) tightly priced transaction.
Best investment bank for M&A 2025: Citi
Citi is Euromoney’s best investment bank for M&A in Singapore in 2024 for strengthening its position in an ever-evolving market by identifying unique solutions for its clients. That meant advising on some of the more complex and larger cross-border deals in the region.
A case in point: Citi was lead financial adviser to GLP, a Singapore-based owner, developer and operator of logistics real estate, digital infrastructure and renewable assets, on its $5.4 billion sale of its international business to Ares Management.
The sale of GLP Capital Partners, announced in October 2024 and completed in March 2025, is set to establish Ares Real Estate as one of the largest global vertically integrated platforms, nearly doubling its assets under management to about $96 billion.
Citi also advised KKR and Singtel on their joint $1.3 billion investment in ST Telemedia Global Data Centres through redeemable preference shares and detachable warrants. Announced in June last year, the transaction was 2024’s largest digital infrastructure investment in southeast Asia at the time.
The US bank additionally served as a financial adviser to Blackstone on its $16 billion acquisition of data centre platform AirTrunk. While the target is Australia-based, its asset portfolio spans numerous markets in Asia, including Singapore, requiring plenty of cross-border collaboration – highlighting Citi’s ability to juggle multiple jurisdictions seamlessly.
Best digital bank for corporates 2025: DBS
DBS continues to lead in digital banking for corporates, combining innovation with operational resilience. In 2024, the bank enhanced its digital proposition for large corporates through a suite of AI-powered and blockchain-enabled solutions.
These included the document exchange portal, which reduced onboarding turnaround time by more than 20%, and automated UBO unwrapping across 100 jurisdictions, streamlining KYC processes.
DBS also launched Token Services, integrating smart contracts and blockchain to optimise liquidity management and enable 24/7 real-time settlement. Its IDEAL platform processed millions of transactions worth around S$10 trillion ($7.8 trillion), with a 92% penetration rate and customer satisfaction scores of 4.7-4.8 out of 5
The bank’s gen AI-powered chatbot and centralised self-service portal improved service transparency and reduced friction for complex corporate structures. IDEAL Online Maintenance Form adoption among large corporates rose by 71%
DBS’s commitment to security was evident in the launch of the NCI Control Tower, which monitors 109 critical digital touchpoints in real time, and the deployment of cognitive breaks and fraud alerts to protect clients.
With a clear focus on seamless integration, resilience and client-centric design, DBS remains the benchmark for digital banking excellence among corporates in Singapore.
Best digital bank for consumers 2025: Trust Bank Singapore
In a market dominated by three local banks, and where foreign banks focus on higher-end customers, Trust Bank Singapore has managed to climb the ranks, taking this year’s award for Singapore’s best digital bank for consumers.
It became Singapore’s fourth largest bank by customer numbers in early 2024, only two years after its launch. In a population of around 6 million, it has already surpassed 1 million customers.
“The rise of digital banking is a leveller, as the branch network has almost become irrelevant for many customers,” chief executive Dwaipayan Sadhu says in an interview with Euromoney.
Trust’s genesis lies partly in Standard Chartered’s desire to build a digital-only presence in multiple markets, including Singapore and Hong Kong, coupled with a move by the Monetary Authority of Singapore to hand out new digital banking licences around five years ago.
The trick was how – apart from an excellent digital experience – the bank could embed itself into a local ecosystem to gain customers more quickly. That’s where a partnership with the FairPrice Group, which runs the country’s biggest supermarket chain, came in. FairPrice, which owns 40% of Trust alongside Stan Chart’s 60%, was looking for a new way into financial services.
The partnership gave Trust ready-made advertising in stores, for example, but also the chance to integrate itself into FairPrice’s popular loyalty points scheme. FairPrice has an insurance company, offering further cross-sell opportunities within the partnership, including a bespoke travel insurance product launched in 2024. The partnership might also offer benefits in the future in terms of hyper-personalising campaigns using AI.
Trust says its customers can open an account in around three minutes: one of the fastest times in the world, partly thanks to Singapore’s digital identity scheme.
It also sees simplicity and transparency around things like credit card fees as a method to stand out in a sector where the incumbents are relatively advanced on the digital front.
Unlike some neobanks around the world, Trust did not just launch with a current account product. Credit cards were part of the offering from the outset, and it boasts first position in new credit card issuance in 2024.
Meanwhile, it has launched a new investments product alongside Aberdeen. Largely as a result, with a deposit base of almost S$4 billion ($3.13 billion), Trust’s revenues more than doubled to almost S$100 million in 2024.
“We started with both a deposit and a credit product, as we knew that to make the bank successful, we needed both sides of the balance sheet,” says Sadhu.
While less than 5% deposit inflows overlap with Stan Chart’s customers, there are clear benefits of the link to the bigger bank. Many of Trust’s people, including the CEO, are former Standard Chartered bankers. Trust is sharing ways of working with Stan Chart, including agile working methods, AI, and how to incorporate client feedback into product development
“Digital banks typically have a steep learning curve when it comes to risk and compliance,” says Sadhu. “We avoided that as we borrowed expertise from Standard Chartered on risk management, governance, and compliance policies.”
Best bank for consumers 2025: OCBC
OCBC has conclusively demonstrated why it stands as Singapore’s best bank for consumers, backed by its robust financial growth in the retail segment and an array of innovative services tailored to meet diverse customer needs.
From the financial side, OCBC’s gross revenue at the group level experienced a notable single-digit year-on-year growth, with a strong double-digit compound annual growth rate from FY21 to FY24. The bank also reported a double-digit increase in deposits and a significant expansion in outstanding loan balances, reflecting a solid financial trajectory. Additionally, OCBC’s return on equity rose by a high single-digit percentage, while its cost-to-income ratio saw a similar level of improvement.
On the innovation front, OCBC introduced the OCBC MyOwn Account, a novel deposit account for ‘Gen Alpha’, attracting nearly 10,000 customers within a month. Additionally, the OCBC GENesis programme caters to children of Premier Private Client customers, aiding in intergenerational wealth transfer.
OCBC’s digital transformation efforts have notably enhanced customer experience, proved by a 44-point increase in its net promoter score and a significant uptick in digital engagement metrics. The bank also stepped up its fraud prevention measures with the introduction of OCBC Money Lock for Time Deposit accounts, leading to a substantial increase in security updates within a month.
Best bank for ESG 2025: DBS
Even as global ESG initiatives face headwinds, Asia is asserting a leadership position in this important domain. In 2024, DBS demonstrated why Asian banks are increasingly shaping the future of ESG finance, winning Euromoney’s best bank for ESG award for both Singapore and Asia.
“We are humbled to be recognised as Asia’s best bank for ESG,” says Helge Muenkel, DBS’s chief sustainability officer. “This achievement belongs to our customers and partners who share our vision of enabling a just transition in Asia by pushing boundaries and pioneering sustainable and transition financing solutions. It is a wonderful validation of our ongoing efforts and spurs us to create greater impact for the clients and communities we serve.”
The bank distinguishes itself through its ability to originate and execute complex, often inaugural ESG transactions across diverse markets and issuer types. When Singapore sought to establish its green bond credentials, it appointed DBS as bookrunner and sole green structuring adviser for its S$2.5 billion ($2 billion) 30-year paper. Despite market volatility, the transaction attracted S$6 billion in orders and priced inside existing sovereign curves, demonstrating investor confidence in both the structure and the bank’s execution.
DBS extended its innovation into emerging sectors. The bank structured Asia’s first public sustainability-linked perpetual securities for ST Telemedia Global Data Centres – a S$450 million transaction that was also the first globally from a pure-play data centre issuer. By linking financing costs to renewable energy consumption targets of 60% or higher, the structure addressed both the capital-intensive nature of green infrastructure and the growing energy demands of the digital economy.
The bank’s reach spanned multiple geographies and issuer profiles. In Hong Kong, it facilitated the Airport Authority’s debut HK$4 billion ($510 million) green bond. In mainland China, DBS executed New Development Bank’s Rmb6 billion ($840 million) sustainable development goals bond – the largest 5-year issuance in China’s Panda bond market.
In the Philippines, it executed complex liability management for San Miguel Global Power, refinancing existing debt while funding solar project pre-development through an $800 million senior perpetual. As the only Asian bank in Volkswagen Financial Services’ €2.25 billion ($2.65 billion) triple-tranche green senior notes syndicate, DBS channelled European capital into zero-emission vehicles.
Crucially, DBS integrated ESG considerations into core financing, demonstrating that sustainability enhances value, not compromises it. When pricing Khazanah Nasional’s dual-tranche $1 billion issuance, the bank achieved the Malaysian sovereign wealth fund’s tightest ever 5/10-year curve spread at 10 basis points.
The numbers reinforce this strategic approach. DBS topped southeast Asia’s green bond league tables with $1.46 billion across 13 deals, capturing 17% market share. It also ranked third in overall ESG bonds, managing $1.58 billion across 17 transactions.
DBS’s approach reflects systematic capability building across currencies, structures and sustainability themes, underpinned by a deep understanding of Asia’s unique ESG trajectory. The bank has created replicable templates that accelerate sustainable finance adoption across the region. This market-building role positions DBS at the centre of Asia’s transition to a sustainable economy.
Best bank for research 2025: Maybank Securities Singapore
Maybank Securities Singapore’s role as a critical gateway for clients to southeast Asia is exemplified by its research strength. The Malaysian banking powerhouse has 46 analysts across the region who cover 376 stocks and published nearly 2,330 research reports in 2024.
The firm, led by CEO Aditya Laroia, underwent a rejig of its research capabilities in 2023. The aim was to deliver institutional investor-type research to retail clients so they can diversify their portfolios and have more investment options – with the objective of democratising financial markets.
The fruits of those efforts were felt in 2024 as the revamp came together and bolstered Maybank Securities’ credentials among its clients.
In Singapore, the six-member analyst team provides innovative and actionable content to both domestic and global investors. Covering mid and small-cap stocks, in addition to large-cap companies, has been Maybank Securities’ edge over many of its peers that tend to focus more on the large cap names. This means the firm’s research spans 80% of the Straits Times Index components, as well as a sizeable chunk of the off-index mid- and small-cap stocks.
That potent combination – as well as Maybank Securities’ coverage of rated and unrated firms – has helped give clients alpha-generating opportunities at a time when challenging market conditions have emphasised portfolio diversification.
Maybank Securities’ prominent buy calls in 2024 included DBS Bank (which later surged by nearly 30%), telecom major Singtel Group, tech firm Sea, and oil and gas group Dyna Mac.
Best international bank 2025: Citi
Citi has earned recognition as Singapore’s best leading international bank by executing a comprehensive strategy that drives exceptional performance across core banking areas. The bank’s delivery of innovative sustainable solutions to customers reinforces its market dominance and strong growth momentum in the region.
At the end of 2024, Citi reported that it holds paid-up capital of approximately S$1.5 billion (around $1.17 billion) and total equity amounting to about S$3.5 billion. Additionally, Citi reported that its total capital adequacy ratio stands at 20.5% against the 10% required by the Monetary Authority of Singapore.
The commercial banking section, Citi Commercial Bank Singapore, significantly contributed to its success, with strong double-digit growth over the past year and an expanded active client base. This client growth underlines Citi’s capability to attract and retain clientele through innovative banking solutions and exemplary service.
In terms of new sustainable products, in 2024 Citibank Singapore became the first financial institution in the country to join the Mastercard Priceless Planet Coalition – a global initiative that brings together consumers, banks and merchants to combat climate change by restoring 100 million trees. The bank will plant a tree on behalf of each Citigold private client for every S$1,000 spent using their World Elite Debit Mastercard.
Best bank for large corporates 2025: HSBC
HSBC, the frontrunner for Singapore’s best bank for large corporates, has demonstrated remarkable growth and innovation tailored for large corporate clients.
The bank’s accomplishments in the Singaporean capital markets are particularly noteworthy, featuring a 230% year-on-year increase in debt capital market deals and a substantial 77% growth in deal value, reaching $1.6 billion. Meanwhile, its equity capital markets share doubled impressively from 4% to 8%, showcasing enhanced execution and influence capabilities within the corporate finance sector of Singapore.
A cornerstone of HSBC’s strategy for large corporates has been its introduction of pioneering financial products. The HTS Trade Solutions and Integrated Payments Solutions, launched in 2024, were developed to meet the intricate demands of trade finance, payment automation and working capital optimisation for large corporations.
These platforms are equipped with advanced features like real-time FX conversion, mobile authorisation, and hybrid financing models, aimed at significantly boosting operational efficiency and financial agility.
HSBC has also been a trailblazer in promoting sustainable finance, launching the HSBC sustainability improvement loan in Singapore to widen accessibility to ESG financing for corporates and SMEs.
Engagement with clients has been further deepened through strategic initiatives such as HSBC Asia Day and the Healthtech Forum, which not only attracted multinational client attendees but also delivered tailored insights on liquidity, trade and innovation, solidifying HSBC’s role as a pivotal strategic partner in the region.
Best securities house 2025: OCBC Securities
For the third year in a row, OCBC Securities takes the best securities house in Singapore award, a nod to its consistency, client focus, digital capabilities and regional expansion.
Under the leadership of CEO Wilson He, OCBC Securities had an exceptionally strong 2024, driven in part by its focus on bolstering its iOCBC trading platform.
The results were clear: total income in the equities business soared 13% year-on-year in 2024, retail brokerage rose 20%, incremental new clients grew by 40%, active trading accounts jumped 19%, and its foreign market brokerage rose an impressive 28% in the US and 36% in Hong Kong.
On deals, OCBC Securities (through its parent bank OCBC) worked on the roughly S$1 billion ($785 million) equity fundraising for Keppel DC Reit, a marquee deal for the Singapore Exchange that highlighted the firm’s strong execution and distribution capabilities.
Its ECM pipeline, particularly of mid-cap stocks going public or doing placements, is also strong.
That’s not all. OCBC Securities has co-launched the highest number of exchange-traded funds among brokerages in Singapore, driven by strong investor demand. The combined assets under management for all Lion-OCBC Securities ETFs rose 32% year-on-year in 2024. Its AI Oscar tool has also gained traction since its Singapore launch in 2023, expanding to cover Hong Kong and US markets last year, offering traders personalised stock ideas based on their trading history in a transparent manner.
Next up, OCBC Securities rolled out an enhanced share margin financing platform in 2024, which is set for a launch internationally, including in Japan and the UK, offering investors more diversified investment opportunities.
Best bank for SMEs 2025: OCBC
OCBC continues to lead in SME banking in Singapore, combining financial innovation with practical support.
In 2024, the bank expanded its suite of SME-focused solutions, including the launch of revenue-based financing and the SME sustainable financing framework. These initiatives helped businesses access capital aligned with their growth and sustainability goals.
The bank’s digital capabilities are anchored by the OCBC Business app, which now integrates AI-powered tools and e-invoicing. These enhancements have reduced manual processing and improved daily usability for SME clients. OCBC also introduced instant digital onboarding, cutting account opening time from three days to under 10 minutes.
OCBC’s SME customers benefit from tailored support, including expanded relationship manager coverage and dedicated teams to assist regional SMEs entering the Johor–Singapore Special Economic Zone. The bank also launched a programme for women entrepreneurs and supported next-generation business leaders in modernising family enterprises.
With a focus on accessibility, efficiency and sustainability, OCBC has demonstrated a clear understanding of SME needs and delivered solutions that support long-term business success.
Best bank for customer experience 2025: DBS
Early in his 15-year tenure as DBS chief executive, Piyush Gupta put customer experience at the heart of his transformation of the bank, empowering even junior staff to take decisions to improve that experience.
It was to be an enduring effort. Today, the bank is renowned for its ethos of Making Banking Joyful, with the entire organisation increasingly orientated towards excellence in customer service, and winning Euromoney’s award as Asia’s best for customer experience.
The results are plain to see. Alongside rising organic customer acquisitions, DBS’s consumer and wealth management customer satisfaction scores published in its annual report have gone from 3.76 in 2012 to 4.4 in 2024, a record high.
Especially in Gupta’s early years, support from the top was essential in implementing difficult but necessary changes to improve customer experience – and for good reason.
It is now around 10 years since Gupta pushed for DBS to bring its digital experience in line with big Chinese and US tech companies, spurring a transformation not just of the app but also of the back-end technology.
Over the past three years, DBS has gone to the next level by restructuring its teams around customer journeys rather than products and capabilities. Marketing, legal, contact centre and cards teams have reorientated for customers who might be exploring what the bank can offer, applying for products, transacting or seeking help.
Staff are now accountable for the entire customer journey and rewarded accordingly. The bank believes the changes are a large part of why it saw strong improvements in customer engagement and market share last year.
Improving customer service is impossible without feedback. DBS measures hundreds of customer touchpoints, resulting in thousands of surveys every month in an unusual level of detail. Those then get collated into average indicators that are shared right up to the executive committee, so underperformance can be effectively addressed in a timely manner.
Crucially, these efforts encompass not only the experience on the app but also in the call centre and branch – targeting reductions in branch waiting times, for example, after its acquisition of Citi’s consumer business in Taiwan. It has also made improvements in customer service officers’ call-handling time thanks to its new gen AI CSO Assist tool.
DBS’s Singapore mobile wallet PayLah! marked its 10th year in service last year, hitting a record of almost 42 million logins a month. The app now integrates a whole gamut of stamp cards, deals and rewards in an ecosystem spanning retail, entertainment, travel and rewards, as well as offering peer-to-peer payments.
Alongside things like new anti-fraud features, the bank has also taken steps to try to democratise access to wealth management via its NAV Planner app, using AI features that nudge customers towards better financial behaviour, while offering advice on how to manage their savings.
Best bank for securities services 2025: HSBC
HSBC’s securities services business – spanning direct custody and clearing, agency lending and liquidity services, and funds and depositary services – is a solid one in Singapore, having seen consistent growth and innovation.
That innovation has been important in recent years, and driven in part through partnerships with market disruptors.
Take Marketnode, a Singapore-based digital market infrastructure operator. Since 2020, HSBC and Marketnode have co-developed a digital market infrastructure spanning credit, funds and structured products. They also participated jointly in many of the Singapore Exchange’s and the Monetary Authority of Singapore’s digital initiatives. That relationship strengthened last year when HSBC led a Series A investment round into Marketnode.
Another big edge is HSBC’s strength in offering end-to-end solutions for clients, be it fund accounting, middle office, regulatory and tax, or performance and risk scenario analyses.
When it comes to Singapore, the Monetary Authority of Singapore unveiled a new fund data collection regime for fund management companies and service providers. To support the new regulations, HSBC developed an in-house reporting solution from data mesh in line with its data strategy. The solution is fully automated end to end, without the need for any manual intervention.
Equally importantly, HSBC is a frontrunner on improving market standards.
Last year, the bank was involved in discussions with the Singapore Exchange to reduce costs and increase competitiveness. It also remains focused on encouraging further market development – making for a solid business indeed.
