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POSB Bank
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POSB Bank
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POSB Bank, often known as POSB, is a Singaporean bank offering consumer banking services. It is the largest and oldest local bank in continuous operation in Singapore with over four million customers.[1]

Key Information

Established on 1 January 1877 as the Post Office Savings Bank (Chinese: 郵政儲蓄銀行; pinyin: Yóuzhèngchǔxù Yínháng),[2] POSB currently operates as part of DBS Bank after being acquired on 16 November 1998.[3]

Having served generations of Singaporeans for more than 145 years, it is known as the "People’s Bank", and prides itself on being "neighbours first, bankers second".

A POSB branch at Waterway Point, in Punggol.

History

[edit]
The former General Post Office Building, now occupied by The Fullerton Hotel.

Founded on 1 January 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal Services Department in the Straits Settlements. It was set up by the colonial government to provide banking services for lower-income citizens within the Straits Settlement.[2] Headquartered in the General Post Office Building, in Raffles Place, the bank was under the administration of the Postmaster General and bank policies were decided by a board of trustees, which was designated by the Governor of the Straits Settlements.[4]

From 1877 to 1940, the number of accounts opened increased from 211 to 57,000 and the total deposits increased from 19,862 to 14.3 million Straits dollars during the same period of time.[2]

Following the end of the Second World War and the dissolution of the Straits Settlements, the 1948 Savings Bank Ordinance came into effect and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank's assets and liabilities split between Singapore and Malaya. The Malayan branch eventually became Bank Simpanan Nasional in 1974.[5][6] After the separation from 1949 to 1955, the total deposits of the bank increased from M$27.4 million to M$57.6 million and in 1951, the bank had its 100,000th depositor.[2]

Decline and revival

[edit]

Reaching its peak in 1955, the bank had a slow decline from 1957 to 1966, where the total deposits decreased to M$37.4 million.[7]

After Singapore's independence in 1965, the country went through a rapid industrialisation programme. To develop the infrastructure of the infant city-state, Minister for Finance Goh Keng Swee set up a savings bank committee, which was later reconstituted into a permanent advisory committee within the bank to promote domestic savings through POSB to provide the Singapore government with a non-inflationary source of funds for the development of the country.[7]

Following the recommendations of the savings bank committee, withdrawal limits of accounts were raised from S$200 once every seven days to S$500 once every three days, longer operating hours, exempting interest earned on savings accounts from taxable income, and accepting non-romanised signatures for opening accounts.[8] Savings competitions were also organised among all public and government-aided schools to encourage students to open an account with the bank. From 1966 to 1969, the number of accounts opened increased from 10,596 to 174,506 with deposits totaling S$57.7 million in 1969.[8]

Statutory board, new services and facilities

[edit]
The former POSB Centre, headquarters of POSB in the 1980s, now known as the NTUC Trade Union House.

In 1971, it was announced that the bank would become a statutory board under the Ministry of Communications. The Post Office Savings Bank Bill was passed in Parliament on 30 July 1971 and the bank ceased to be a branch of the Postal Services Department on 1 January 1972 after the 1971 Post Office Savings Bank of Singapore Act came into effect in that year.[9][10] The first chairman was Tan Chok Kian.[11]

In 1974, the bank was transferred to become part of the Ministry of Finance and Credit POSB Pte Ltd was established in the same year to provide custom-tailored loans relating to HDB housing ownership.

By 1976, POSB had one million depositors, while deposits crossed the S$1 billion mark. In 1980, it introduced the Passcard, and set-up the Principal Branch.

In 1981, its first Cash-On-Line ATM opened at the Newton Branch.

In 1982, it was announced that the bank will introduce branches served by only ATMs, reducing manpower needs.[12][13]

In 1983, its headquarters were shifted to the new 8-storey complex, the POSB Bank Centre at Bras Basah Road.

In 1984, the current account facility was introduced, and by 1986, deposits crossed the S$10 billion mark.

In March 1990, the Post Office Savings Bank was renamed as POSBank.

Acquisition by DBS Bank

[edit]
POSB Newton Branch
POSB deposit and cash withdrawal machines located at Bugis MRT station.

On 24 July 1998, the Ministry of Finance announced the acquisition of POSBank by DBS Bank,[14][15] which was fully acquired on 16 November 1998 for S$1.6 billion,[3] at the same time, ceased to exist as a statutory board under the Ministry of Finance.

The merger was seen to enable POSBank to compete better with full-fledged commercial banks, to better serve more sophisticated customers, and in line with the government's call for local banks to merge and create larger and stronger banks to compete internationally.

Prior to its acquisition, POSBank was already the largest local bank offering low-cost banking services to Singaporeans. It attempts to continue this tradition by promising to keep costs low for basic savings accounts, and to exempt children, full-time students below the age of 21 years.

POSB still operates one of the highest number of bank branches in Singapore, especially in the suburban heartland neighbourhoods, and operates the highest number of ATM outlets throughout Singapore. The integration of both banks allowed customers of either bank to share the facilities; DBS Bank depositors may use the Cash Deposit Machine installed island-wide in POSB branches and vice-versa for POSB Bank depositors.

Senior leadership

[edit]
  • Chairman: Peter Seah (since May 2010)
  • Chief Executive: Tan Su Shan (since March 2025)

List of former chairmen

[edit]
  1. Hon Sui Sen (1968–1970)
  2. Howe Yoon Chong (1970–1979)
  3. J. Y. Pillay (1979–1985)
  4. Howe Yoon Chong (1985–1990)
  5. Ngiam Tong Dow (1990–1998)
  6. S. Dhanabalan (1999–2005)
  7. Koh Boon Hwee (2006–2010)

List of former CEOs

[edit]
  1. Patrick Yeoh Khwai Hoh (1993–1995)
  2. John Olds (1998–2001)
  3. Philippe Paillart (2001–2002)
  4. Jackson Tai (2002–2007)
  5. Richard Stanley (2008–2009)
  6. Piyush Gupta (2009–2025)

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

POSB Bank

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from Grokipedia
POSB Bank is a consumer-focused banking in , serving over four million customers and specializing in personal banking services for everyday individuals, families, and newcomers, operating as a wholly owned of Limited. Established on 1 January 1877 as the Post Office Savings Bank (POSB) by the British colonial government, it was initially designed to provide accessible savings facilities for lower-income groups through the postal network, marking it as one of Singapore's oldest financial institutions. In March 1990, it was renamed POSBank to reflect its expanded role beyond postal services, and on 16 November 1998, DBS Bank acquired it for S$1.6 billion, integrating its extensive retail network while preserving its community-oriented identity as "neighbours first, bankers second." As of 2025, POSB offers a comprehensive suite of services including savings and current accounts, fixed deposits, children's accounts like the POSB Smiley CDA, personal loans, credit cards, and via the POSB digibank and online platform, with over 1,000 ATMs and branches emphasizing convenience and sustainability initiatives such as Green Solutions. As part of the Deposit Insurance Scheme, deposits up to S$100,000 per depositor are protected, underscoring its commitment to secure, inclusive banking for the mass market.

History

Establishment and Early Years

The Post Office Savings Bank (POSB) was established on 1 1877 by the British colonial government in the Straits Settlements, comprising , , and , as part of the Postal Services Department. Its primary purpose was to provide accessible banking services to lower-income groups who were underserved by commercial banks, thereby promoting thrift and among the general population during the colonial era. Overseen by the Postmaster-General and a board of trustees appointed by the , POSB operated under simple regulations to ensure security and ease of use. Initial operations were closely integrated with postal services, with banking counters located within post offices to leverage the existing network for widespread accessibility. Services began modestly, offering basic savings accounts where depositors could save small amounts starting from as little as 10 cents, without the need for minimum balances or complex paperwork typical of private banks. In its first year, POSB opened just 211 accounts with total deposits of 19,862 dollars, reflecting its targeted focus on ordinary workers, laborers, and families. Branches were limited to major post offices in urban centers, emphasizing convenience for the . Over the subsequent decades leading up to , POSB experienced steady growth, particularly during economic booms in the early 20th century driven by trade expansion in Settlements. By 1940, the number of accounts had increased to 57,000, while deposits reached 14.3 million Straits dollars, underscoring its pivotal role in fostering and building a savings culture among the colonial population. This expansion highlighted POSB's success in reaching beyond elite customers, with depositors primarily from lower socioeconomic strata who valued its government-backed security and proximity to everyday postal activities.

Post-Independence Developments

Following , the Post Office Savings Bank (POSB) experienced initial growth but then a period of stagnation due to economic disruptions and increasing competition from commercial banks, with slower growth in new accounts by the 1960s. In , under the Savings Bank Ordinance, Singapore's POSB was separated from the Malayan system, focusing operations locally. The bank's operations, tied closely to , struggled amid recovery challenges and shifting financial preferences toward private institutions. Revival efforts gained momentum in the 1960s following Singapore's independence in 1965, as the government recognized POSB's potential to mobilize domestic savings for national development. In , then-Minister for Finance issued a directive to promote savings through POSB, resulting in a dramatic surge: new accounts opened rose from 10,596 in 1966 to 174,506 in 1969, while deposits increased from S$37.4 million to S$57.7 million over the same period. This growth aligned with broader economic policies aimed at industrialization and for the masses. In 1972, POSB was restructured as a statutory board under the Post Office Savings Bank of Singapore Act 1971, granting it greater operational autonomy while maintaining alignment with national savings objectives under the Ministry of Finance. This status enabled expanded services, including the launch in 1974 of a pioneering home ownership scheme offering 20-year housing loans at favorable rates, directly supporting public housing policies through partnerships with the Housing and Development Board (HDB). The 1980s saw further modernization, with POSB introducing Singapore's first automated teller machines (ATMs), including the Cash-On-Line Teller in 1979 and the country's inaugural fully automated bank branch in 1982 at the Fullerton Building. The bank also expanded its branch network to better serve suburban neighborhoods, reaching over 40 branches by the mid-1980s to enhance accessibility for everyday savers. By the , POSB had diversified beyond basic savings into basic consumer loans and products, reflecting its evolution into a more comprehensive institution while retaining its focus on affordable services for the public. This period marked POSB's peak as an autonomous entity, with deposits exceeding S$10 billion by the late , underscoring its role in fostering national financial stability.

Acquisition and Integration with DBS Bank

In 1998, the Singapore , through the , announced on July 24 that would acquire POSBank (the operating name of POSB at the time) and its subsidiaries for S$1.6 billion, with the transaction completing on 16. This acquisition was motivated by objectives to consolidate the domestic banking sector, reduce fragmentation among local institutions, and bolster their ability to compete globally amid increasing liberalization and . As a result, POSB transitioned from a statutory board to a wholly-owned of DBS, while the government retained indirect influence through its majority stake in DBS; crucially, POSB's brand was preserved to maintain its role as a consumer-oriented "People's Bank" serving the mass market. Integration efforts commenced promptly after the acquisition, focusing on operational synergies without eroding POSB's distinct identity. By early 1999, DBS and POSB had established a proprietary combined network, enabling customers from both entities to access over 1,000 machines islandwide, which replaced DBS's prior participation in a multi-bank shared . Branch facilities were similarly unified, allowing depositors to utilize the expanded network of approximately 80 locations for deposits, withdrawals, and services. These steps, endorsed by the as part of broader sector reforms, enhanced efficiency and customer convenience while POSB continued to target everyday banking needs. Backend integrations followed in the ensuing years, culminating in a fully unified operational framework by the mid-2000s that supported shared technology platforms and data processing. Under DBS ownership, POSB experienced significant growth, expanding its customer base to over 4 million by 2025 through access to DBS's advanced infrastructure for digital scalability and . This expansion aligned with government endorsements of the merger as a strategic step to fortify Singapore's financial resilience, including regulatory nods from the that facilitated seamless asset transfers and compliance. Return on equity for the combined entity improved markedly, from 10.35% in 1999 to 18% by 2023, reflecting POSB's contribution to DBS's ascent to the 63rd largest bank globally by assets. The transition period presented challenges in preserving POSB's longstanding among working-class and multi-generational families, particularly as financial intensified from foreign entrants. To address this, implemented targeted initiatives that reinforced POSB's "neighbours first, bankers second" ethos, emphasizing community ties through retained staff training, localized marketing, and continuity of accessible services like school savings programs. These adaptations ensured POSB's identity as a trusted, inclusive endured, mitigating potential customer attrition during the shift to a more commercialized structure.

Services and Products

Core Banking Offerings

POSB Bank provides a variety of savings and deposit products tailored to meet the everyday financial requirements of individuals and families in . The POSB Multiplier Account is a high- savings option that awards bonus rates based on linked accounts, salary credits, and spending activities, with no minimum transaction spend mandated. Similarly, the POSB SAYE Account enables customers to earn 3.5% per annum by crediting their monthly salary into a POSB or DBS account and automating fixed savings contributions. For longer-term deposits, POSB offers accounts in Singapore dollars and select foreign currencies, providing competitive fixed rates over tenures ranging from three months to three years. Child-specific products include the POSB Smiley Child Development Account (CDA), which supports early financial planning for minors from birth, offering up to 2% per annum alongside government grants for education and healthcare expenses. In the realm of loans and credit, POSB delivers accessible personal financing solutions, including the POSB Personal Loan, which allows borrowing up to 95% of an existing Cashline or limit at promotional effective rates starting from 3.22% per annum (as of November 2025). Home loans are a core offering, with packages designed to align with Singapore's (HDB) schemes for purchases, including options for repricing existing mortgages to secure lower rates and renovation loans up to six times monthly income or S$30,000. Credit products feature cards like the POSB Everyday Card, which provides up to 10% cashback on routine expenditures such as groceries, dining, and via SimplyGo integration, emphasizing rewards for household budgeting. POSB extends basic insurance and introductory services through partnerships with established providers, focusing on retail accessibility. Insurance options include investment-linked policies like InvestReady (III), combining life coverage with portfolio diversification for financial goals, and endowment plans such as ReadyBuilder (II) for wealth accumulation and protection. For wealth basics, customers can invest in unit trusts through the POSB Invest-Saver plan, which facilitates regular savings into exchange-traded funds (ETFs) or managed funds with low entry points starting from S$50 monthly, promoting diversification without requiring advanced expertise. Accessibility remains a hallmark of POSB's core offerings, supported by an islandwide network of branches and self-service machines shared with , including Singapore's largest network for cash withdrawals, deposits, and bill payments. This infrastructure, comprising over 100 shared locations, ensures convenient physical access for customers, particularly in heartland areas, while maintaining fee structures that prioritize affordability for everyday banking.

Digital and Innovative Services

POSB's digital banking services are primarily delivered through the digibank platform, a and system launched in the that enables customers to manage accounts, perform real-time local and overseas transfers, pay bills, and apply for new products such as credit cards instantly. The platform provides personalized financial insights, including spending trends and budgeting recommendations, along with features like e-statements and smart notifications to enhance user convenience. As of November 2025, digibank incorporates AI-driven elements, such as an improved insights tab with prefilled information for seamless banking actions. A key innovative program is POSB Smart Buddy, introduced in 2017 as the world's first in-school for children's savings and payments, which uses in its companion to teach through tracking allowances, spending habits, and saving goals. The app allows parents to set daily allowances, monitor transactions with a three-month history, and provide tips on , while the wearable enables contactless tap-to-pay at schools and select merchants. Updates in 2025 extended features to include fitness tracking alongside financial education. During the , POSB expanded options and integrations to promote cashless transactions, including for instant transfers via dynamic s and NETS QR for merchant payments through the digibank app. These enhancements, such as scanning QR codes for cross-border transfers to via PayNow-PromptPay, supported safer, touchless interactions amid heightened hygiene concerns. Security features in digibank emphasize authentication, with support for and recognition logins to add layers of protection beyond passwords, alongside device-based for digital token access. In 2025, POSB introduced a "Mobile Wallets" toggle in the app's Controls to prevent unauthorized addition of card details to digital wallets, further safeguarding against . For investments, POSB partners with solutions through digiPortfolio, a hybrid robo-advisory service that combines algorithmic portfolio with human expertise for automated, diversified investing. This integration allows users to build ready-made portfolios via the digibank app, focusing on risk-adjusted returns without manual trading.

Leadership and Governance

Current Senior Leadership

As of 2025, POSB Bank's senior leadership operates within the broader DBS Bank structure, where POSB serves as the primary consumer banking brand in Singapore, emphasizing accessible retail services for individuals and families. The overall strategic direction for POSB is guided by DBS Group's Chief Executive Officer, Tan Su Shan, who assumed the role on 28 March 2025, succeeding Piyush Gupta after serving as Deputy CEO and Group Head of Institutional Banking. Tan, a veteran in wealth management and client relations with over 30 years at DBS, focuses on digital innovation and customer-centric growth, ensuring POSB's role in delivering seamless retail experiences remains a priority within DBS's portfolio. The Non-Executive Chairman of , Peter Seah, plays a pivotal role in overseeing POSB's brand strategy through the board, drawing on his extensive experience from prior leadership at and the . Seah's emphasis on and sustainable growth influences POSB's consumer-focused initiatives, such as programs. POSB's day-to-day operations fall under the Group Head of Consumer Banking Group and Wealth Management, Shee Tse Koon, a Group Executive who reports to the CEO and has driven expansions in digital retail services since his prior role as Country Head of DBS . In , Calvin Ong serves as Head of Consumer Banking since 1 January 2025, directly managing DBS/POSB's retail portfolio, including deposits, loans, and wealth advisory; Ong, who joined DBS in 2007 as a management associate and holds degrees from and Harvard, previously led investment products and advisory, bringing expertise in product innovation to enhance POSB's mass-market offerings. The DBS Board of Directors, which governs POSB as a subsidiary, comprises a balanced mix of executive and members with strong credentials in and consumer sectors. Key figures include Lead Olivier Lim, a former with deep insights relevant to regulations, and non-executive directors like Chng Kai Fong, whose background in and adds oversight on . This composition ensures POSB's strategies align with DBS's emphasis on and digital resilience, with independent directors providing impartial guidance on market risks. Under DBS's governance framework, POSB's leadership integrates into the Group Management Committee, where consumer banking heads like Ong and Shee report directly to the CEO, maintaining POSB's distinct focus on everyday banking while leveraging group-wide resources for innovation. Recent appointments underscore this continuity, including Ong's elevation to bolster in retail services and Derrick Goh's role as Group from 1 April 2025, enhancing operational support for POSB's platforms.

Historical Leadership

The Post Office Savings Bank (POSB), established in 1877 under the British colonial administration, initially operated under the oversight of the Postmaster-General, with policy guidance from appointed trustees, but lacked a distinct chairman role until its reconstitution as a statutory board in 1972. Following Singapore's independence, POSB's leadership evolved to focus on promoting domestic savings and , with chairmen drawn from senior civil servants to drive expansion and modernization. Key former chairmen include Alphonsus Tan Chok Kian, who served from January 1972 to February 1986 and was instrumental in POSB's growth as a statutory board under the , overseeing the introduction of new deposit schemes and branch expansions to encourage widespread savings among . Tan, a former in multiple ministries, emphasized POSB's role in national during the post-independence . He was succeeded by Chua Kim Yeow, who held the position of executive chairman from 1986 to February 1993; as Singapore's first local accountant-general, Chua focused on operational efficiency and integrating POSB more closely with national economic policies before retiring from roles. Moses Lee Kim Poo then served as chairman from 1994 to 1998, guiding POSB through its final independent years, including preparations for merger, and highlighting its community-oriented mission at events like the 25th anniversary of its statutory status in 1997. On the executive side, Bertie Cheng Shao Shiong was POSB's general manager and chief executive officer from 1976 to July 1997, a 21-year tenure during which he transformed the bank into Singapore's largest by customer base, introducing innovations like the country's first automated teller machine in 1979 and expanding services to over one million accounts by the mid-1970s. Known as "Mr. POSB" for his long service spanning more than three decades, Cheng prioritized accessible banking for everyday , fostering loyalty through community-focused initiatives before retiring ahead of the 1998 merger. Following POSB's acquisition by in November 1998 for S$1.6 billion, leadership transitioned to integrated roles within , with dedicated heads maintaining the POSB brand's focus on consumer banking while leveraging 's resources for digital and service enhancements. Lam Siok Loon served as head of POSB from 2002 to 2004, emphasizing such as extended branch hours during festivals to build on POSB's neighborhood roots. Derrick Goh led POSB from 2012 to 2016, launching key products like the POSB HDB home loan in 2013 and the PAssion POSB , which supported thousands of families with integrated rewards and financial planning tools. Susan Cheong headed POSB from 2016 to 2019, navigating competitive pressures by advancing service transformations to meet evolving customer needs in a digital era. Post-2019, oversight shifted more fully under 's consumer banking structure, with no separate POSB-specific head role by 2024, marking the completion of integration while preserving the brand's legacy.

Community and Social Impact

Financial Literacy Initiatives

POSB's financial literacy initiatives trace their origins to the late , when the bank, then known as the Post Office Savings Bank, launched the National School Savings Campaign in 1969 to instill thrift and saving habits among students in government and government-aided schools. This early effort involved school visits by bank staff to encourage regular deposits and promote financial discipline as part of national development goals. The campaign was revived in 2015, adapting its core message to contemporary needs while maintaining partnerships with educational institutions. Over the decades, these programs evolved from traditional thrift drives to digital modules in the , integrating technology to engage younger generations in practical money management. A of POSB's modern financial efforts is the POSB Smart Buddy program, launched in as the world's first in-school savings and payments initiative. Designed for students, it partners with over 300 schools to provide free watches or cards linked to a , enabling children to track allowances, monitor spending and saving trends in real time, and receive personalized tips on budgeting. The program incorporates gamified elements, such as the "Smiley Town" interactive game, which teaches core concepts like needs versus wants through virtual scenarios and rewards for achieving savings goals. As of 2024, POSB Smart Buddy had reached over 230,000 students across more than 250 schools, with projections to engage 320,000 students across 335 schools by the end of 2025. Complementing Smart Buddy, POSB offers workshops and interactive sessions tailored to youth and families, focusing on foundational skills like budgeting, debt avoidance, and basic investing principles. These programs align with Singapore's , delivering age-appropriate content for grades 3-6 through hands-on activities that distinguish essential expenses from . For instance, sessions emphasize early management by simulating real-life scenarios to highlight the costs of borrowing, while introductory investing modules cover simple concepts like using relatable examples. POSB's annual impact assessments, including parent surveys, demonstrate positive outcomes in fostering savings habits among children. In 2025, a national savings drive tied to these initiatives surpassed its halfway target as of mid-2025, inspiring students to collectively save an additional SGD 17.5 million toward a SGD 35 million goal by 2026. Youth-focused tools further enhance hands-on learning by integrating financial education with everyday banking. POSB's My Account for Kids serves as a customizable joint that links directly to systems, allowing children to practice transactions while building . Within the Smart Buddy ecosystem, features like automated allowance transfers and virtual savings trackers function akin to digital piggy banks, rewarding consistent deposits with badges or progress visualizations to reinforce positive behaviors. These tools promote family involvement, enabling parents to set budgets and discuss spending patterns, thereby fostering long-term financial confidence from an early age.

Broader Community Engagement

POSB Bank, as a key brand under , has actively engaged in philanthropic efforts to support low-income communities, particularly during economic challenges. In response to the , POSB contributed to the DBS Stronger Together Fund, which allocated SGD 10.5 million to provide over 4.5 million meals, care packs, and medical supplies to vulnerable groups across the region, including low-income families in . These initiatives extended to partnerships with local charities for essential aid distribution, focusing on immediate relief for those impacted by job losses and financial strain in the early . In sustainability, POSB has promoted green banking practices aligned with Singapore's national goals for , including the push towards net-zero emissions by 2050 and enhanced green disclosures starting in 2025. Key efforts include the launch of Singapore's first solar-powered kiosk in 2022 at Block 528 Avenue 10, which reduces energy consumption and supports eco-friendly infrastructure. Additionally, POSB's LiveBetter platform within the digibank app encourages users to adopt sustainable habits through eco-tips, green donations, and investments in environmental causes, contributing to broader regional green financing objectives. Paperless campaigns have been integral, with digital statements and e-signatures minimizing environmental impact while enhancing customer convenience. POSB extends support to vulnerable groups through targeted programs for seniors and families. For seniors, the Smart Senior initiative equips elderly individuals with skills via workshops and branch ambassadors, fostering independence and inclusion. In 2024, POSB partnered with Foundation to launch a SGD 7.3 million program aiding 6,000 vulnerable seniors with physical and social well-being enhancements, including pop-up markets for essential goods. For families, POSB hosts outreach events addressing cost-of-living pressures, such as workshops on budgeting for essentials, which indirectly aid housing affordability amid rising expenses. These engagements reflect POSB's commitment to , as part of Group's broader commitments, including contributions to funds like the POSB PAssion Kids for low-income family support, which has raised close to SGD 13.6 million to date. Overall, Group's decade-long pledge of up to SGD 1 billion for charitable causes underscores the scale of POSB's broader impact.

References

  1. https://www.dbs.com/dbs-heritage/stories/neighbours-first-bankers-second-the-posb-story.html
  2. https://www.posb.com.sg/personal/default.page
  3. https://www.dbs.com/newsroom/POSB_ramps_up_financial_literacy_efforts_to_empower_more_Singaporeans_to_manage_their_finances_and_enhance_retirement_adequacy
  4. https://www.nlb.gov.sg/main/article-detail?cmsuuid=b1c18cda-b48b-4dd7-8521-ecbd1d445c0b
  5. https://www.nlb.gov.sg/main/article-detail?cmsuuid=c8c64522-d10d-4d7a-96e0-47da53f277a5
  6. https://www.dbs.com/dbs-heritage/our-journey.html
  7. https://www.posb.com.sg/personal/deposits/accounts/default.page
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  10. https://www.instagram.com/reel/DLbUrPIs-FJ/
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  12. https://www.roots.gov.sg/Collection-Landing/listing/1135203?taigerlist=collections
  13. https://www.nlb.gov.sg/main/article-detail?cmsuuid=53b8e030-2d06-452a-8f11-aaa01b73b341
  14. https://mothership.sg/2017/08/sporeans-have-been-withdrawing-money-from-atms-since-1979-time-to-say-goodbye/
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  26. https://www.posb.com.sg/personal/loans/homeloans/renovation-loan
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  41. https://www.posb.com.sg/personal/articles/financial-planning/6-benefits-of-going-cashless
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  44. https://www.posb.com.sg/personal/investments/other-investments/digiportfolio
  45. https://www.dbs.com.sg/treasures/investments/product-suite/digital-platform/dbs-digiportfolio
  46. https://www.caproasia.com/2024/12/10/dbs-announces-3-new-senior-leadership-appointments-han-kwee-juan-appointed-as-group-head-of-institutional-banking-ibg-succeeding-tan-su-shan-lim-him-chuan-as-singapore-country-head-and-shee-tse-ko/
  47. https://www.theedgesingapore.com/news/new-appointments/dbs-makes-two-new-senior-leadership-appointments-part-banks-succession
  48. https://www.euromoney.com/article/22ixmwwui49w0w00kc8048gws/awards/awards-for-excellence/the-worlds-best-bank-2025-dbs/
  49. https://www.dbs.com/about-us/our-leadership/director.page
  50. https://www.dbs.com/iwov-resources/images/investors/annual-report/dbs-annual-report-2024.pdf?pid=splitter-home-annual-report-2024
  51. https://www.dbs.com/indonesia/en/about-us/our-management/gmc-shee-tse-koon.page
  52. https://www.dbs.com/newsroom/DBS_names_new_Singapore_Consumer_Banking_Head_from_1_Jan_2025
  53. https://www.theasianbanker.com/press-releases/dbs-names-new-singapore-consumer-banking-head-from-1-january-2025
  54. https://sg.linkedin.com/in/calvin-ong
  55. https://www.marketscreener.com/quote/stock/DBS-GROUP-HOLDINGS-LTD-136829512/company-governance/
  56. https://www.dbs.com/about-us/our-leadership/group-management-committee.page
  57. https://www.wealthbriefingasia.com/article.php/DBS-Makes-Raft-Of-C_dash_Suite%252C-Other-Senior-Appointments
  58. https://www.straitstimes.com/singapore/former-top-civil-servant-dies-84
  59. https://www.businesstimes.com.sg/international/tan-chok-kian-former-posb-chairman-dies-84
  60. https://www.straitstimes.com/singapore/singapores-first-local-accountant-general-dies-at-age-of-90
  61. https://www.nas.gov.sg/archivesonline/photographs/record-details/1b06dfbc-1162-11e3-83d5-0050568939ad
  62. https://www.straitstimes.com/singapore/former-posb-chief-executive-bertie-cheng-dies-of-covid-19-at-84
  63. https://www.channelnewsasia.com/singapore/former-posb-ceo-bertie-cheng-death-covid-19-2262256
  64. https://www.dbs.com/sustainability/inclusion/digital-inclusion/a-smart-buddy-for-a-smart-nation.page
  65. https://apps.apple.com/sg/app/posb-smart-buddy/id1214272559
  66. https://www.facebook.com/dbs.sg/posts/posb-has-a-legacy-of-teaching-generations-of-singaporeans-about-savings-and-thri/1235275428627746/
  67. https://www.dbs.com/newsroom/More_students_getting_into_the_savings_habit_as_POSB_national_drive_surpasses_halfway_mark_of_SGD_35_million_additional_savings_target
  68. https://www.facebook.com/POSB/posts/nurturing-young-minds-building-financial-futures-we-loved-our-financial-literacy/818613447412264/
  69. https://www.facebook.com/POSB/posts/our-financial-literacy-journey-continues-this-time-bringing-fun-and-learning-to-/786693093937633/
  70. https://www.posb.com.sg/personal/community
  71. https://www.dbs.com/newsroom/POSB_renews_push_to_encourage_savings_habit_in_schools_will_help_more_than_150000_students_collectively_save_additional_SGD_35_million_by_2026
  72. https://www.posb.com.sg/personal/deposits/savings-accounts/my-account-kids
  73. https://www.dbs.com/media/digital-payment/trying-out-the-posb-smart-buddy-programme-learning-value-of-money-is-more-than-being-able-to-touch-dollar-notes-and-coins.page
  74. https://www.dbs.com/newsroom/DBS_donates_SGD_10_5_million_to_help_communities_hard_hit_by_Covid19
  75. https://www.dbs.com/sustainability/dbs-stronger-together-fund
  76. https://www.dbs.com/newsroom/DBSPOSB_launches_Singapores_first_solar_powered_ATM_kiosk
  77. https://www.posb.com.sg/personal/livebetter
  78. https://www.linkedin.com/pulse/banking-outside-in-case-study-smart-senior-program-dbs-bank-um5de
  79. https://www.straitstimes.com/singapore/dbs-foundation-launches-7-3m-initiative-to-support-vulnerable-seniors
  80. https://www.pmo.gov.sg/newsroom/dpm-wong-at-dbs-posb-community-event-on-support-measures-for-cost-of-living-2023/
  81. https://www.reuters.com/business/finance/singapore-bank-dbs-commits-up-741-mln-charity-over-next-decade-ceo-2023-08-11/
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