DBS

Overview

DBS is a regulated bank under the Labuan Financial Services Authority (LFSA) and holds a UK FCA license for Non-Forex activities. They offer a range of financial solutions for both individual and corporate clients, along with a commitment to sustainability initiatives. However, caution is advised due to increased negative reviews, and thorough due diligence and credibility assessment are strongly recommended before engaging their services, particularly if the UK's FCA oversight is a priority for investors.

Interest Rates and Fees

The interest rate offered by DBS DBS Bank (Hong Kong) Limited in Hong Kong dollars is 5.25% per annum. Brokerage commission for securities trading in Hong Kong is 0.2% of the amount (minimum HK$100/RMB100), brokerage commission for transactions via automated telephone banking service, telephone banking service hotline, or express securities trading line is 0.35% of the transaction amount (minimum charge of HK$100/RMB100). SFC transaction levy is 0.0027% of the transaction amount, and stamp duty is 0.1% of the transaction amount. For more information on fees and charges, please refer to the official website of DBS Bank (Hong Kong) Limited.

Regulation

DBS is regulated by the Financial Conduct Authority (FCA) in the UK with an Institution Forex License (License No. 204650) and by the Labuan Financial Services Authority (LFSA) in Malaysia with a Market Making license. Both agencies oversee DBS's compliance with financial regulations in their respective regions.

Pros and Cons

Services

DBS (formerly known as The Development Bank of Singapore) offers a wide range of financial services, catering to both individual clients and corporate clients. Below is a detailed description of the services provided by DBS:

For Individual Clients:

1. Wealth Management: DBS offers wealth management services through its DBS Treasures program. This service is designed for individuals with a minimum deposit or investment threshold. It provides customers with access to qualified treasures who can assist in managing and growing their wealth. Additionally, DBS Treasures Privileges offer a range of customized services and exclusive benefits.

1. Treasures Banking Privileges: This service is tailored to provide wealth management expertise and exclusive banking privileges across Asia. It includes various investment and financial products to help individuals achieve their financial goals.
2. DBS Lifestyle Privileges: DBS values its customers and offers them curated indulgences and exclusive privileges, which can include discounts, special offers, and unique experiences.
3. Wealth Management Services: DBS offers opportunities to expand investment portfolios by leveraging assets linked to equities, commodities, currencies, and credits, with access to global markets. This service is designed to help customers accumulate wealth.
4. Wealth Preservation: DBS provides asset allocation plans tailored for individuals, including retirement plans, education foundations, and wealth transfer strategies. This helps clients protect and preserve their accumulated wealth.
5. Banking Services: DBS offers various banking services, including the DBS digibank app, which allows clients to manage their accounts conveniently on mobile devices. Clients can also access information on major markets, currency exchange rates, structured investment products, and more.

For Corporate and SME Banking:

1. SME Banking (DBS IDEAL): DBS IDEAL is a comprehensive platform designed to help small and medium-sized enterprises (SMEs) manage their working capital and transactions efficiently. It can be accessed through desktop, tablet, and mobile devices and offers features such as seamless security, easy maintenance, comprehensive services, and true mobility. SMEs can monitor funds, make payments, manage trade finance, and conduct mobile banking with ease.

1. Corporate Banking: DBS addresses climate change by advocating for collective efforts and sustainable business practices. They have committed to achieving net-zero greenhouse gas emissions by 2050 and have set decarbonization targets for various sectors, including Power, Oil & Gas, Automotive, Aviation, Shipping, Steel, and Real Estate. DBS is actively investing in clean energy and supporting Asia's transition to a low-carbon economy.

DBS's services are designed to meet the financial needs of both individual and corporate clients, offering a wide range of solutions for wealth management, banking, and sustainability in today's evolving financial landscape.

Customer Support

DBS offers comprehensive customer support through its BusinessCare service to assist customers and address their inquiries and concerns. Here is a description of their customer support services:

1. Phone Support (Call BusinessCare):

• Telephone Number: 400 821 8881
• Operating Hours: 9:00 AM to 6:00 PM, Monday to Friday (excluding Public Holidays)
• Customers can reach out to DBS BusinessCare via phone during the specified operating hours. Trained representatives are available to provide assistance and address queries related to DBS's financial products and services.

1. Online Enquiry (Enquiry Form):

• DBS encourages customers to submit their inquiries online using the provided enquiry form. These inquiries will be directed to a BusinessCare representative who will respond as promptly as possible.

1. Complaint Handling for Institutional Clients:

• DBS takes customer complaints seriously and has a dedicated process for handling them.
• Each branch of the bank has complaint handling officers responsible for accepting and addressing client complaints.
• The complaint handling process includes acknowledging the receipt of the complaint within 5 working days, providing a response to the client within 15 days, and ensuring complex cases receive attention within a maximum of 60 days.
• Unresolved complaints are escalated to the complaint management department at the bank's head office for further investigation and resolution.

1. BusinessCare Hotline:

• Hotline Number: 400 821 8881
• Hotline Service Hours: Monday to Friday, 9:00 AM to 6:00 PM
• Customers can reach DBS BusinessCare via the hotline during the specified service hours for immediate assistance with their banking-related inquiries and issues.

1. Email Support:

• Customers can also contact BusinessCare via email at the provided email address: businesscarecn@dbs.com. They can send their queries and receive responses through this channel.

1. Mailing Address:

• For postal inquiries, DBS provides a mailing address for customers to send their correspondence:

  DBS Businesscare

  29/F, China Resources Building

  5001 Shennan Dong Road

  Shenzhen, PR China

DBS is committed to serving its customers efficiently and strives to provide timely and comprehensive support through multiple communication channels, ensuring that clients' needs are met and their concerns addressed effectively.