DBS India launches wealth management with access to six markets

MUMBAI:

DBS India

has launched an enhanced wealth management offering, providing Indian customers with unified access to cross-border treasury services across key Asian markets, including Singapore, Hong Kong, Taiwan, Indonesia, and China. This offering targets

high-net-worth individuals

(HNIs) and non-resident Indians (NRIs) in India and abroad. The bank also announced the launch of a

digital account opening

process for NRIs, allowing them to complete the process, excluding document submission, within an hour.
DBS Treasures, the bank’s premium banking service for customers with a total relationship value exceeding Rs 30 lakh, provides access to wealth management solutions, experienced relationship managers, and exclusive privileges. In 2023, DBS launched the Vantage Card, an invite-only credit card with a suite of benefits for HNIs and international travelers. The bank has also streamlined its account opening process for NRIs, allowing online applications with view-access functionality before document submission. This digital process aims to reduce paperwork and enhance convenience.
Coinciding with these announcements, DBS inaugurated a new flagship branch in Indiranagar, Bangalore. This branch, the bank’s third in the city, will focus on wealth management services to HNIs and NRIs.
“Having been in India for over 30 years, DBS has developed a robust understanding of the preferences of high-net-worth Indians, both in the country and abroad. The pattern of wealth creation in India has become more decentralized, demanding a stronger regional presence,” said Richa Tripathi, Head of Wealth Management and Treasures at DBS Bank India. DBS Bank has a ‘phygital’ strategy targeting new wealth in India.” This “phygital” approach combines the convenience of digital banking with the personalized touch of physical branches, catering to a diverse customer base with varying preferences, said Tripathi.

According to DBS the financial wealth of India’s affluent reached $588 billion in 2023 and is projected to grow to $730 billion annually by 2028.
“Bengaluru’s entrepreneurial ecosystem and rise in investable wealth make it an ideal market for piloting our premium banking products and propositions,” said Tripathi. “Our online account opening solution for NRIs enables them to unlock more value through a seamless, location-agnostic experience. Asia, with India at the heart, is the rising epicentre of wealth and, as the largest bank in Southeast Asia, we look forward to bringing all the advantages of our Asian connectivity to our Indian and NRI clients.”