DBS Bank Highlights Singapore’s Stability Amid Global Uncertainties
- DBS Group’s CEO Tan Su Shan touts Singapore’s stability for investors.
- DBS holds one of the world’s safest credit ratings and is backed by Temasek.
- Tan emphasizes agile workforce management in the AI era.
SINGAPORE — DBS Group, Southeast Asia’s largest bank by assets, is positioning itself as a key partner for investors looking to navigate global uncertainties. During the DBS Asia Future Forward conference, CEO Tan Su Shan praised Singapore, referring to the city-state as the “Little Red Dot,” and described it as an “open, predictable, and almost kind of boring” place, stating, “In this huge time of volatility, ‘boring’ is not bad, right?”
The global investing landscape has been destabilized by various factors, including trade wars, El Niño-related weather issues, the conflict in Iran, and the ongoing Russia-Ukraine war. In contrast, Singapore is regarded by many as a stronghold of stability due to its AAA-rated debt and stable political environment.
Tan noted that DBS shares similar characteristics with Singapore, highlighting that it possesses “one of the safest credit ratings in the world.” She mentioned in an interview with CNBC that Temasek, Singapore’s state-owned global investment company, which managed assets valued at 518 billion Singapore dollars (approximately $404 billion) as of March 31, is the largest shareholder of DBS and plays a significant role in the bank’s stability.
According to Tan, DBS is well-equipped to handle global economic uncertainties. “Trade and supply chains are all fragmented,” she explained. “If you need to diversify your upstream supply chain, just because you’re worried about geopolitics, because you’re worried about blockages, because you’re worried about the war and the Strait of Hormuz, DBS is a partner to help you … We can help our customers pivot from one market to another quite quickly.”
Tan also addressed the challenges of workforce management in the age of artificial intelligence, emphasizing the importance of hiring individuals with the right attitude. “Humans intrinsically are nimble and agile … I tell all my managers, hire for attitude – because you know you can’t buy attitude, you can’t train attitude,” she stated.
News Courtesy of CNBC
