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1 Intriguing Quote from Management That Shows Why DBS Group Holdings Ltd Is the Biggest Tech Start-Up in Singapore

DBS Group Holdings Ltd (SGX: D05) is the second largest listed company in Singapore’s stock market.

For those who may not know, DBS Group is also the largest among the three major banks based out of Singapore. The bank is a leading financial services group in Asia, with 280 branches and 22,000 employees.

But despite its size, the bank aspires to act like a technology start-up.

In DBS Group’s latest 2016 annual report, its chairman, Peter Seah, and chief executive officer, Piyush Gupta, shared this intriguing quote as part of a joint letter:

“We seek to act like a 22,000-person start-up, able to respond and innovate quickly to deliver simple, fast and contextual banking in the digital age.”

Along this vein, DBS Group is taking some cues from the start-up culture in the technology space and infusing such traits into its own ranks. Here are seven ways that DBS Group is acting like a 22,000-strong start-up:

1. DBS Group reported that it had 50 industry partnerships spanning universities, government agencies, and knowledge partners to tap on the best-in-class research available.

2. Singapore’s biggest bank is also engaging the start-up scene with the creation of HotSpot. Under this setup, DBS Group will provide mentorship and training to cultivate entrepreneurship in Singapore.

3. Meanwhile, DBS Group has also setup DBS Asia X, a 16,000-square foot space for employees and fintech partners to mingle and collaborate on projects.

4. DBS Group also said that it has run over 1,000 experiments since 2015. The bank’s staff are encouraged to be intrapreneurs. DBS Group added that a few employees have established start-ups while keeping their day job at the bank.

5. Another effort made is the adoption of cloud productivity tools. DBS Group also said that it is the first Singapore bank to adopt Office 365. This allows its staff to work remotely and collaborate online.

6. The bank organizes hackathons as well, and has created a digital curriculum to immerse its staff in the culture of experimentation and innovation.

7. Elsewhere, DBS Group is hiring experienced designers, coders, data analysts, and software engineers to be part of its staff. This adds to the diversity of its capabilities as its moves further into the digital world.

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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.