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6 Ways DBS Group Holdings Ltd Is Riding the Digital Wave

DBS Group Holdings Ltd (SGX: D05) is investing big into digital banking.

In its latest annual report for the year 2016, Singapore’s largest bank said that it has invested S$5 billion over the past few years to facilitate a move into the digital sphere. The sizable investment is for a good reason.

DBS Group said that consumers and small and medium enterprises (SME) that engage with it digitally provide two times more revenue on average compared to other groups of customers.

In its annual report, DBS Group also shared six ways it is riding the digital trend in the banking world:

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4. DBS Group has a suite of payment apps. The first one is the POSB Smart Buddy. The app is designed for young students and is billed as the world’s first in-school wearable tech savings and payments programme. Using the app, parents can set the daily allowance limit for their children. With the allowance, students can use a smartwatch to perform contactless payments in the school canteen or bookstore. Parents can also track their children’s expenses.

5. The next app is around remittance. DBS Group customers will be able to remit funds online to nine countries including China, India, and the US without incurring charges (in most cases). Funds can be transferred to an overseas account or an overseas credit card.

6. The third payment app would be the DBS PayLah mobile wallet app. The app has more than 450,000 users and is the fastest-growing personal mobile wallet app in Singapore. Using DBS PayLah, users can send or receive money (using an eAng-Bao), request for funds (for splitting bills among friends) and to pay bills. The app is also available on Apple Watch and can be used payments to online merchants.

The six ways above demonstrate how there are tangible benefits for DBS Group to go digital.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Chin Hui Leong doesn’t own shares in any companies mentioned.