DBS Group Holdings Ltd., headquartered in Singapore, is one of Asia’s leading financial services groups, renowned for its innovation in digital banking and strong presence in Southeast Asia. With operations in over 18 markets and core strengths in consumer banking, wealth management, corporate banking, and treasury, DBS has earned a reputation as a forward-thinking, digitally agile bank. Yet, in a hypercompetitive global financial ecosystem, DBS contends with several major competitors—both regionally and internationally—who are making aggressive moves in digital transformation, ESG strategy, and customer experience innovation.
In this comprehensive piece, we highlight top competitors of DBS Group, spanning universal banks, regional players, and digital-first institutions that challenge DBS across one or more verticals.
Top Competitors of DBS
1. United Overseas Bank (UOB)
Website – https://www.uobgroup.com/uobgroup/index.page
UOB is one of DBS’s closest rivals in Singapore and Southeast Asia. With strongholds in Thailand, Malaysia, and Indonesia, UOB competes directly with DBS in retail and SME banking.
In 2023, UOB acquired Citibank’s retail banking businesses in Indonesia, Malaysia, Thailand, and Vietnam, significantly strengthening its regional footprint. The move added over 2 million new customers and bolstered its wealth management offerings—a sector where DBS has been expanding rapidly.
UOB also ramped up digital investments, especially through its TMRW digital bank platform for millennials and Gen Z across ASEAN. The platform now operates in Thailand and Indonesia, with plans to expand further.
2. Oversea-Chinese Banking Corporation (OCBC)
Website – https://www.ocbc.com/group/gateway.page
OCBC is another major Singapore-based bank and a direct peer to DBS in terms of domestic market presence and regional expansion.
OCBC operates robust banking franchises in Malaysia and Indonesia via OCBC Bank Malaysia and Bank OCBC NISP, respectively. Its acquisition of Barclays’ wealth management business in Asia a few years ago positioned it strongly in private banking under the Bank of Singapore brand.
Recently, OCBC has focused on embedding sustainability across its lending and investing operations. It announced a commitment to reach net-zero by 2050 and began offering sustainable financing options to SMEs—mirroring DBS’s ESG roadmap.
Digitally, OCBC revamped its banking apps and chatbot systems and is experimenting with AI-driven advisory, keeping pace with DBS’s dominance in digital banking.
3. HSBC
Website – https://www.hsbc.com/
HSBC is a global banking giant with a strong Asian footprint, particularly in Hong Kong, mainland China, and Southeast Asia.
The bank competes with DBS in wealth management, corporate banking, and cross-border services. In fact, HSBC Asia generates the majority of its group profits.
HSBC announced in 2023 a renewed focus on ASEAN markets, including digital investment in Vietnam and Indonesia, areas DBS is also targeting. Its launch of HSBC Prism, a multi-currency global wealth app, signaled its digital push in wealth management.
Additionally, HSBC pledged up to $1 trillion in sustainable financing by 2030 and is actively reshaping its portfolio to focus on growth markets in Asia.
4. Standard Chartered
Website – https://www.sc.com/en/
Standard Chartered is another international bank whose competitive edge lies in emerging markets across Asia, Africa, and the Middle East.
In Singapore, the bank positions itself as a wealth management and premium retail player. Its digital transformation efforts include Mox Bank, a standalone digital-only bank in Hong Kong, developed with strategic fintech partnerships.
StanChart is increasingly active in sustainable finance. It committed to net-zero by 2050 and structured $13 billion in green bonds and loans in 2023 alone.
While DBS outpaces StanChart in digital infrastructure, the latter’s cross-border trade financing and SME solutions often overlap with DBS’s institutional business.
5. Maybank (Malayan Banking Berhad)
Website – https://www.maybank.com/en/index.page
Maybank is Malaysia’s largest financial institution and a top five bank in Southeast Asia by total assets.
It directly competes with DBS in Indonesia, Singapore, and Malaysia across retail and corporate segments. In digital banking, Maybank2u remains one of the most-used mobile apps in Malaysia, and the bank launched MAE (Maybank Anytime, Everyone) as its Gen Z-focused platform.
Maybank is also ramping up its ESG initiatives. It aims to mobilize RM 80 billion ($17 billion) in sustainable financing by 2025 and introduced green home loans and SME packages.
While DBS is seen as more advanced in digital innovation, Maybank’s deep roots and customer base in Malaysia and Indonesia make it a formidable regional competitor.
6. Bank Central Asia (BCA)
Website – https://www.bca.co.id/en
BCA is Indonesia’s most profitable bank and poses a significant challenge to DBS in the region’s largest market.
Its market capitalization and customer base (over 30 million customers) make it one of Southeast Asia’s most valuable financial institutions. BCA’s strength lies in retail banking, where it boasts superior customer satisfaction and a seamless digital experience.
BCA’s mobile app and KlikBCA internet banking platform are widely used in Indonesia. The bank also introduced myBCA, an integrated digital banking ecosystem targeting affluent millennials and SMEs.
Given DBS’s heavy investments in Indonesia through Digibank and its partnership with Bank DBS Indonesia, BCA is its most prominent rival in the local Indonesian context.
7. CIMB Group
Website – https://www.cimb.com/en/home.html
CIMB, based in Malaysia, is a key competitor in ASEAN’s regional banking race. It has operations in 10 countries and a growing focus on retail and corporate digital transformation.
In 2023, CIMB completed the integration of its “OCTO” mobile banking app, designed to unify its digital experience across countries. It also continued pushing its ESG goals by launching the CIMB Green Deal campaign to promote environmentally friendly loans.
CIMB’s strength lies in its pan-ASEAN strategy and its dual banking model in Malaysia (conventional and Islamic finance). For DBS, CIMB’s corporate banking and trade finance services present competitive friction, especially in Malaysia and Thailand.
8. ICICI Bank
Website – https://www.icicibank.com/
India-based ICICI Bank is one of the fastest-growing private sector banks in Asia and competes with DBS across retail, trade, and digital channels.
DBS entered India through its merger with Lakshmi Vilas Bank in 2020 and is scaling rapidly across Indian states. ICICI, meanwhile, has a mature digital ecosystem with ICICI iMobile Pay and APIs that integrate across fintech platforms.
ICICI’s focus on financial inclusion and mobile-first strategies gives it an edge in India’s massive and fast-digitizing economy.
DBS’s Digibank India is a challenger, but ICICI’s entrenched customer base and product variety (including credit cards, loans, and insurance) make it a dominant force.
9. Bank of China (BOC)
Website – https://www.boc.cn/en/
As one of China’s “Big Four” banks, Bank of China competes with DBS through cross-border business banking, trade finance, and corporate lending across Asia.
BOC’s operations in Singapore are robust, particularly in RMB-denominated services. It serves Chinese corporates investing in Southeast Asia and is also active in wealth management for the Chinese diaspora.
BOC launched multiple digital initiatives including smart branches, AI-driven services, and blockchain trade platforms. In ESG, it has pledged to halt financing of new coal projects overseas and boost green financing under China’s carbon neutrality goals.
For DBS, BOC is a strategic competitor in international trade corridors and capital markets, especially in the Belt and Road context.
10. Citibank
Website – https://www.citi.com/
Citibank may be retreating from some consumer markets, but it remains a powerful global force in corporate and wealth management.
In Asia, Citi has exited retail banking in 10 markets, selling operations to banks like UOB and Axis Bank. However, its CitiGold and Citi Private Bank segments continue to serve affluent clients aggressively.
Citi’s Treasury and Trade Solutions division is also a major rival to DBS in corporate cash management, FX, and cross-border payments.
In 2023, Citi expanded its Citi Velocity trading platform across Asia, aiming to capture a larger institutional client base. For DBS, Citi remains a high-end competitor in FX, investment banking, and wealth services for UHNWIs.
11. KakaoBank (South Korea)
Website – https://eng.kakaobank.com/
KakaoBank is a digital-only bank from South Korea that, while not yet active in Singapore, sets a benchmark for mobile-first banking in Asia.
With over 20 million users and a profitable model, KakaoBank shows how digital banks can scale rapidly. DBS’s Digibank product across India and Indonesia was designed to emulate similar models.
As Southeast Asia sees more digital banking licenses issued (including in Singapore), KakaoBank or its partners could eventually compete head-to-head with DBS’s digital arms.
Revolut & Wise (Challenger Banks/Fintechs)
While not traditional banks, fintech players like Revolut, Wise, and Nium (from Singapore) compete with DBS in payments, remittances, and FX.
Wise has been aggressively onboarding SMEs in Singapore for cross-border payments. Revolut’s digital banking model challenges DBS’s younger customer base and product bundling efforts.
DBS’s response has been Digibank and enhancements to its PayLah! platform, but the fintech threat remains serious, especially in the Gen Z and freelancer segments.
Conclusion
DBS Group is a regional champion and a digital banking pioneer. Yet, it operates in a banking landscape that is more competitive than ever. From traditional banks like UOB, OCBC, Maybank, and HSBC, to fintech disruptors like KakaoBank and Revolut, and global heavyweights like Citi and Standard Chartered, each rival challenges DBS in key segments.
While DBS leads in innovation, its competitors are rapidly evolving—by launching digital-only platforms, making strategic acquisitions, and aligning with ESG principles. The race is no longer just about scale or capital, but about technology, agility, and sustainability.
To maintain its leadership, DBS must continue investing in AI, customer personalization, and responsible finance while staying ahead of both legacy banks and fintech challengers. Its future success depends on how well it anticipates these moves—across Asia and beyond.
Also Read: Exploring Top Competitors & Alternatives of HSBC
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