Leaders in Custody Asia

DBS picked up three awards at the Leaders in Custody Asia Pacific awards this year for its performance in Singapore and Hong Kong. Here, Ee Fong SOH, Global Head of Securities & Fiduciary Services, Client Management and Implementation, discusses the strategy, execution and developments which led to such a standout performance in these markets.

Congratulations on your wins at Global Custodian’s Leaders in Custody awards. What – for you – were the contributing factors behind the successful year that led to these awards?

We would like to thank our clients, partners and the editors for the recognition received from these awards. These accolades serve as a powerful validation of our collective endeavours, collaboration with partners and clients, product innovation, and commitment to service excellence. Our award wins at the Global Custodian Leaders in Custody Asia 2024, where we were recognised as Best in Class (Singapore) in Asset Safety & Risk Management and Best Custodian in Hong Kong and Singapore, are testimonies of the dedication the team has put into navigating the market and technological and regulatory complexities. 

Throughout the year, our focus remained razor-sharp, driven by an unwavering determination to deliver unparalleled service excellence, pioneer new solutions, spearhead initiatives and lobby for better market efficiencies. We extend our heartfelt gratitude to our clients and partners, whose continued collaboration reaffirms DBS as the partner of choice. We will continue to forge ahead, inspired by our shared commitment to excellence.

Could you outline some of the main achievements and milestones from the year?

Amidst the challenging macro market conditions in 2023, it was vital for us to address the potential risks and ensure stability for our clients. 

We remained unwavering in our commitment to leverage technology for continuous improvements on business and operational resilience, offer seamless digital experiences with low-friction service delivery, and forge strategic partnerships with institutional investors. Additionally, our investments in operational efficiency have given clients the confidence in our ability to consistently deliver high-quality service, on time. Over the years, we have developed a strong presence in Asia. Apart from Singapore, our other key markets in Asia include Hong Kong, China, India, and Indonesia. Alongside all other major markets, our clients are connected to our network through our global window, leveraging on our strong franchise and local market expertise. 

In some emerging markets, we were successful in developing connectivity with the local tax regulators to create a seamless digital journey. This eliminated manual touchpoints, reducing operational risk, and speeds up the end-to-end tax collection process.

As a testimony of our abilities, we are also the partner of choice for clients who look to launch ETFs. DBS was the custodian for the inaugural ETF on the Singapore-Shanghai Stock Exchange Link.

On digital assets custody front, we continue to remain a market leader as we improve our infrastructure, creating more efficient travel rules, reducing what was previously a laborious process on white-listing of digital exchanges and payment service providers. 

Outside of custody, last year, we also successfully implemented a new fund accounting system. Our dedication to the implementation journey led to a smooth and efficient migration with zero client impact. We are very excited with our sharpened tools as it brings about new product offerings for our clients. 

Lastly, in 2023, DBS obtained our FMDB license, allowing foreign investors access to both SHFE (Shanghai Futures Exchange) and INE (Shanghai International Energy Exchange) via QFI (Qualified Foreign Investors). With this, we created a solution for QFI clients looking to trade eligible futures and options contracts listed on both SHFE and INE.

How do you plan to build on this success going into the rest of the year and beyond?

Reflecting on 2023, it is evident that our dedication to our clients remained steadfast throughout the year. Our commitment to innovative problem-solving positioned us as the preferred partner. By crafting comprehensive solutions from start to finish, we achieved operational efficiencies and streamlined processes for our clients. Whether collaborating with trusted partners to reduce touchpoints or implementing seamless data transmission through cutting-edge technology, we consistently met our clients’ evolving needs. The tangible outcome is reflected in the invaluable support, established trust, and strong partnerships we have garnered.

Looking ahead, we are determined to build upon this success by adhering to the same principles in this ever-changing landscape. With the dedication and unwavering commitment of the DBS Custody team, we will continue to explore innovative groundbreaking solutions to adapt and thrive as the preferred partner of choice for safeguarding and managing clients’ assets.

Reprinted from Global Custodian 2024. © 1989-2024 Tungsten Publishing Inc.