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DEVELOPMENT BANK OF SINGAPORE

Jan 20, 2020 351

HISTORY:

Established on July 16, 1968 by the Government of Singapore to take over the industrial finance activities of the Economic Development Board, the bank's main objective was to provide loans and financial assistance to manufacturing and processing industries and help establish And improve existing industries in Singapore. In 1960, the Singapore government invited a United Nations industrial survey mission to assess the economic situation in Singapore and to develop an industrialization program for the city. The proposal included the creation of a development bank along with an economic body to attract foreign investment and finance and manage industrial estates. The bank was incorporated in July 1968 and began operating in September of the same year.

On April 15, 2010, DBS Bank launched the mobile banking service, mBanking, to DBS and POSB customers. It allows customers to view their bank and credit card accounts, transfer funds and pay bills through their mobile phones. Customers will need to download an app from the Google Play Store or from the iTunes App Store by looking for DBS mBanking or POSB mobile Banking to use the service. Mobile Banking was already soft-released on both DBS and POSB websites on April 10, 2010 with more than 2,300 downloads. Customers using mobile Banking will be protected by DBS Bank's "safe money" guarantee. The bank promised repayments if there were unauthorized transactions. As of 2013, there were 839,000 mobile Banking users in Singapore.

CHAIRMAN: Peter Seah Lim Huat