Tan Su Shan, who will soon become the first female chief executive officer of Southeast Asia’s largest bank, began by reflecting on DBS’s 30-year journey in India, emphasising the bank’s deep commitment to the country. “DBS is betting big on India. That’s very clear. It’s a major market for us and a market where we have a comprehensive suite of banking products” she remarked, highlighting the nation’s demographic advantage, technological advancements, and structural tailwinds. With the largest branch network among MNC banks in India, DBS is bullish about the India story and the role it can play to support individual and business growth aspirations.
A key theme was India’s digital revolution, with Tan Su Shan lauding the country’s transformative initiatives, such as the India Stack. She described it as a game-changer that has enabled seamless payments, data access, and better decision-making for businesses. “The creation of a data and digital footprint enabled businesses and financial institutions to transact easily and make informed and better judgement calls.” she said, explaining how India’s technological progress dovetails with DBS’s awarded digital capabilities.
The conversation also touched upon the vast potential within India’s SME sector. Tan Su Shan revealed that a significant portion of DBS’s growth debt fund with Temasek Evolution X – has been deployed in India, driven by abundant opportunities in the market. “India stands out as a beacon of growth, particularly in the SME ecosystem, thanks to its digital and structural advantages,” she noted.
Moving to global trends, Tan Su Shan addressed the challenges of navigating economic volatility and the management of supply chain risks. She emphasised India’s position as a beneficiary of diversification strategies, especially in the context of the China-plus-one model. “We see a lot of global clients greening their supply chains in India, creating opportunities in renewables, green hydrogen, and biofuels,” she said, highlighting the country’s growing role in the renewable energy space.
The conversation then moved on to India’s vibrant startup ecosystem, with Tan Su Shan praising first-generation entrepreneurs for driving innovation. She shared how DBS is actively going beyond banking to support startups with different types of capital and tailored banking solutions, complemented by purpose-driven funding through its Foundation. “We believe the new economy deserves a new way of banking,” she stated, emphasizing the need for unconventional approaches to nurture sustainable growth.
On fostering deeper ties between India and Singapore, Tan Su Shan stressed the importance of going beyond business transactions to enrich existing trust-based relationships and shared values. “The business bridges can be fast and transactional, but we need to double down on cultural and friendship linkages,” she remarked, adding that long-term partnerships rooted in historical trade links and mutual trust are crucial for resilient growth.
As the discussion concluded, Tan Su Shan shared her optimism about India’s long-term prospects, calling it “an economic outlier” with unmatched growth potential. She expressed confidence in the DBS culture of transformative innovation and asserted that Singapore’s largest bank will continue building connectivity with India saying, “We’re fully invested in India and hopeful that this bet will pay off in a very good way for us.”
The fireside chat served as a powerful reminder of the opportunities and strategic synergies that exist between India and Singapore. With innovation, purpose and trust at its core, the relationship continues to evolve, promising a brighter and more interconnected future.
