Mumbai: DBS India has launched an enhanced wealth management offering, giving Indian customers unified access to cross-border treasury services in key Asian markets including Singapore, Hong Kong, Taiwan, Indonesia and China. This presentation targets High net worth individuals (HNIs) and Non-Resident Indians (NRIs) in India and abroad. The bank also announced the launch of a Opening a Digital Account The process for NRIs allows them to complete the process within an hour, barring document submission.
DBS Treasures, the bank’s premium banking service for customers with a total relationship value of over Rs 30 lakh, provides access to wealth management solutions, experienced relationship managers, and exclusive benefits. 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 access to view applications online before document submission. This digital process aims to reduce paperwork and increase convenience.
Coinciding with these announcements, DBS inaugurated a new flagship branch in Indira Nagar, Bangalore. The 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 strong understanding of the preferences of high-net-worth Indians, both at home and abroad. The model of wealth creation in India has become more decentralized, which is a demands a strong regional presence,” said Richa Tripathi, Head of Wealth Management and Treasuries at DBS Bank India. DBS Bank has a ‘phytial’ strategy to target new wealth in India. Tripathi said this “fjital” approach combines the convenience of digital banking with the personal touch of physical branches, catering to a diverse customer base with different preferences.
According to DBS, the financial wealth of India’s wealthy individuals reached $588 billion in 2023 and is expected to grow to $730 billion annually by 2028.
“Bangalore’s business ecosystem and growing investable wealth make it an ideal market to pilot our premium banking products and proposition,” Tripathi said. Our online account opening solution for NRIs enables them to unlock more value through a seamless, location-aware experience. Asia, with India at its heart, is a growing center of wealth and as the largest bank in Southeast Asia, we look forward to bringing all the benefits of our Asian connectivity to our Indian and NRI clients.”