Newscasts - Reuters NEXT Newsmaker with DBS CEO Tan Su Shan 1
11/11/2025 10:40
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_e9wxwcq5&referenceId=1_e9wxwcq5&pageId=Newscasts Source: 'Reuters - Business videos' Description: Reuters Asia Finance & Markets Editor Sumeet Chatterjee talks with DBS CEO Tan Su Shan, an avid piano player, to find out how she's going to strike a balance between keys and damper pedals to bolster the growth of the bank, usher in a shift in strategy and growing competition and macroeconomic headwinds, and leverage AI. Short Link: https://lseg.group/43n1CKM Video Transcript: >> Hello. Oh. Okay. >> Testing. Testing 1, 2, 3. Test. >> Testing. Oh. Hello. >> Testing. >> Hello. Good afternoon. Good evening, everyone. My name is Jane Wardell. I'm the editorial events editor at Reuters, and I'm delighted to be here with you all for this Reuters newsmaker in partnership with the London Stock Exchange. To kick things off, I'd like to introduce David Day. Many of you here in the room will already know. He's Group Head of Sales APAC for LSEG. David, please. >> Good evening, ladies and gentlemen. Real pleasure to have you here today for a very special Reuters newsmaker with the CEO of DBS, Su Shan. My name is David. LSEG is a leading global financial markets infrastructure and data provider, and given it is Singapore Fintech Festival, we have to touch on AI. Artificial intelligence is transforming financial markets. Our AI strategy is LSEG everywhere. The depth, breadth, and quality of our data is unmatched. Through our open LLM, agnostic, and infrastructure-oriented partnership approach, we enable our customers to deploy their AI whatever and whenever they choose. One of LSEG's core values is partnership. We are very proud of our AI partnerships. Examples include Microsoft, Databricks, rogo, anthropic, and, of course, Reuters through our Reuters super summaries. Moreover, LSEG is the exclusive provider of Reuters News to the financial industry, and Reuters News via LSEG is the trusted content source provider powering DBS's internal GenAI use cases across multiple departments. In a recent McKinsey discussion, Su Shan said about DBS, we want to be GenAI-enabled, but we also want to be an empathetic organization, a GenAI-enabled bank with a heart. During a period of uncertainty, rapidly developing technology, changing trade patterns, geopolitics, it is more important than ever to have integrity and trust. DBS is an esteemed institution that plays a critical role as a D, capital D, dependable partner to its clients and to Singapore. We are deeply grateful to have Su Shan with us today, and we are excited for the session ahead. Thank you. >> Thank you, David. I'd now like to invite my colleague, Jason Subler, one of our Global Managing Editors at Reuters, to say a few brief words also. >> Thanks, Jane. Thanks, everyone. So happy to have you here today and to be able to co-host this newsmaker event. This is just the latest in a long series of such gatherings that Reuters and LSEG have partnered on both here in Singapore and around the world. Many of them happening right in this room here. These intimate newsmaker sessions, along with thought leadership events like our flagship Reuters next series of conferences, are designed to spark lively discussions and deliver insightful conversations to both live audiences and Reuters global audience. This reflects Reuters' mission, which is to provide fast, accurate, and unbiased news and information. News that brings transparency that drives global financial markets, informs the day's news agenda, and helps professionals everywhere make more informed decisions. Today's event also underscores Reuters' commitment to Asia, with Singapore serving as our regional editing hub. Across the region, hundreds of Reuters journalists work tirelessly every day, often under very difficult circumstances, to deliver reporting that helps our clients and the public to better understand the events that are shaping societies, business, finance, and policy. We recently launched a new brand campaign called Pure News Straight From the Source, and I think that perfectly captures what we can expect here today. So, I want to say thank you to Su Shan and the DBS team for your time and participation here, also to our partners, David and partners at LSEG, for your continued collaboration, and to everyone here, both in the room and online, for being part of this exciting conversation. Thank you very much. >> Thank you, Jason. With those formalities out of the way, I am now thrilled to introduce the main course, if you will, of tonight's reception. Please welcome my colleague Sumeet Chatterjee, our Asia finance and markets editor. Sumeet is joining us from Hong Kong to host this interview with, of course, our VIP guest Tan Su Shan, the CEO and Director of DBS Group. Thank you. >> Thank you. >> Good evening, ladies and gentlemen, and it's a real pleasure to have you today with us, Su Shan. >> Thank you so much. I hope I don't bore you. >> I'm sure all of us are looking for a very engaging conversation today. We have a lot to go through in the interest of time. >> There are some people seated behind lots of seats in front. Come and sit. >> Please feel free to take seats. Thank you. In the interest of time, we will probably drive in straightaway. And let's start with your journey as DBS, CEO. You started on the Liberation Day, Baptism of Fire, as you yourself have said. And we are talking today against the backdrop of new changes, against the backdrop of President Trump visiting the region a couple of weeks ago, signing a few trade deals, and, more importantly, a de-escalation in China-US trade tensions. What kind of business momentum you're seeing on the ground now, especially when you compare where we are now compared to where the world was in April? >> Well, do you remember April 2nd? I was actually in New York, so great time to be in the US. And honestly, I met a lot of CEOs that week, and I never heard these three words spoken as often as I did that week, which is, I don't know. The markets collapsed on April 2nd. The dollar fell quite a lot. People press a pause button on deals. There was just a deer and headlights moment. But, gosh, what a difference a quarter makes. You would think nothing's happened. If you look at the global markets today, the US is what $72 trillion. The MAC seven continues to dominate, although you've seen a bit of shine come off. And the dollar is still very much the reserve currency and the trading currency of choice. So not a lot has changed from a market-to-market basis, maybe even higher. But a lot has changed in the last six months, if you will. So, yes, submit Baptism of Fire. But I think COVID was that dry run that we all had on how do you stress test for unknown unknowns? How do you hunker down? How do you diversify? COVID taught us that you can't rely on one energy source, one tech source, one supply chain, one demand chain. You've got to diversify upstream, midstream, downstream vendors. Clients, suppliers, the whole world's currencies. So I think COVID was a bit of a dry run for businesses to diversify. And when April 2nd hit, it was pressed that diversification button even harder, especially on the demand side. So our chief economist, Taimur, said, TOTUS. Talk about TOTUS, not POTUS, but TOTUS. What's TOTUS? TOTUS is trade outside the US, T-O-T-U-S, as opposed to president of the United States, and trade outside the US is 89%. But we reckon that with less reliance on the US as a biggest consumer market, countries are going to look at trade between Asia and GCC, intraregional trade. In fact, intra-Asia trade is grown by the fastest, it's been right in the last few years. It will continue to grow intra-ASEAN, Asia to EU, Asia to UK, Eastern Europe, Western Europe, etc, and the global south, of course. So I think the diversification play both upstream, midstream, downstream, as I said, diversification of your vendors. I think that has exacerbated and even taken even more urgent stance. And but you know what? The market's been flush with liquidity, whether it's the US or Asia, I think the GENIUS Act also happened, the Clarity Act, etc. I think the GENIUS Act changed everything. I think Trump pressing on that and the US deregulation, as well. So much has happened to change the speed of things, the adoption of technology, the speed of deregulation, the diversification of supply chains, and the forging of new relationships, if you will, I think certainly summit long answer, but a lot has happened. >> Thanks. And from taco to TOTUS, you always learn something new. And talking about TOTUS, I just wanted to talk a little bit about your key markets in the region. The highlights of the first term was about realignment of supply chain, the clients talking about China plus one strategy, and exploring new markets. What are you hearing from clients in the second round of trade war, if we can call it? Are they looking at new trade corridors? Are you hearing about near-shoring? What are the [inaudible 00:28:42]? >> So I think we've gone from China plus one to China plus N. Because what if your plus one is Vietnam or Cambodia, or some country that also got tariffs? You also got hit with tariffs. Then what's the point? So China plus N. So that means you have more than one diversifier market. That's one. I think the weaponization of everything, whether it's the weaponization of trade, weaponization of chips, weaponization of technology, weaponization of money flows, the dollar, etc, I think everyone realized that anything can be weaponized and used against you, so you got to be a lot more vigilant. And I think we're all learning to react quite quickly. With imperfect knowledge, you're going to have to react. What I think is pleasing in a way is that it's how agile businesses have been. I've been amazed that I have clients that they've pivoted the supply chains quite quickly in months, even if they're in manufacturing, for example, EMS manufacturing. I've seen customers diversify their demand chains, quite quickly from the US only to say including the EU or Eastern Europe. And I've just come back from Saudi and Abu Dhabi. And just remarkable to see so much structural growth in both these GCC markets, but also how much FDI is going in. I'm going to India tomorrow, but India also has been an outperformer. So I'm pleased to see flows that hitherto never happened, but now you're seeing it like Taiwan to India. China to the GCC, etc. I think it's good to see these new corridors being built, new relationships being forged, and also new compacts. I think the weaponization of everything and the end of an old traditional rules-based world that we knew means that those that want to continue in that rules-based ecosystem will stay, and you've got to find the stays, create FTAs, or create relationships, and move quickly. >> You made a very interesting point about weaponization of trade, and I'll come to that in a bit about trade corridors, and as you rightly said, Middle East as a region is something that a lot of activity, [inaudible 00:31:31] coming from there. And also from a geopolitical perspective, China and Middle East become very important partners. But in terms of trade corridors, what's your view on the intra-ASEAN intra-regional trade? Do you see that significantly offsetting the potential impact from US slowdown? What about China and India, for example, the [inaudible 00:31:53]. >> Can you imagine if China and India were to get together? That will be an incredible outcome. It's slower. I think in Taiwan, to China, you see more legs, I guess, because the Apple ecosystem has gone to India. So alongside with it, Foxconn and with Foxconn comes the whole Taiwan electronic manufacturing ecosystem that's moved to India. I believe there are pockets of growth. You see, the EV from JSW has a good relationship with Shanghai Auto. I'm optimistic. I just think it will take time. It takes time to build trust. But it will take time. But intra like, Singapore, Malaysia, with the SEC, you're seeing a lot of activity China to Malaysia, seeing a lot of activity. China, Vietnam, you still see a lot of activity. So I think North like, Japan, Korea, also to Southeast Asia, you're seeing a lot of activity. So North to South Asia, there is a lot of intra-regional and collaboration and trade. And I'm hopeful to see more between India and the rest. >> Interesting. On China in particular, I believe you were there in the recent past. I'm sure you've spoken to your clients there. What's your view on the business momentum on the ground, more from the macro economy perspective? Do you see the property sector stabilizing? Do you think the worst is not over yet? >> I think China's property market is quite idiosyncratic to China. You've got different tiers. First-tier cities where you've got pockets of great recovery, in Shanghai, on the high end and residential, especially. But you've got second and third-tier cities still slightly in the doldrums, properties not being resold. But you've got the emergence of the pivots. Chinese businesses are incredibly fast at pivoting. They have a word for it, involution. I had to look it up because I didn't know what involution meant in English. But the Chinese word nature is often used, as it's very tough to compete in China. If you can survive China, you can survive anywhere. It's basically what they're saying. But it's very tough to compete in China. But having said that, you've got pockets of exciting growth, whether it's deep tech, AI, apparently, many other DeepSeek moments to come biotechnology because of the use of data and the very efficient use of models, small language models, for example, MCP. >> The use cases that they have on AI is tremendous. And then you've got the humanoid robots, the low flying drone economy. My friends have taken the drones and said it was great. So you've got pockets of exciting growth all driven by technology and fully supported by the government. And I think that's where you focus your growth on. I think consumer confidence is still tepid and probably have to find more jobs. The job market hopefully will pick up. And we're looking at maybe the property market to finally bottom out in one or two years, probably more like two years if you're talking about the whole country. But as I said, the pockets of recovery already in places like Shanghai. >> So taking into account the pocket of growth opportunities that you see there, what are your plans to expand your onshore business presence? Are there any particular areas you [inaudible 00:35:41]? >> So yes, definitely. You have to listen to when the Chinese government says what they say. And it's very consistent. I always take notes because I know if they put their mind to it, they will do it. So when they came up with their Sci-Tech the science technology focus, and they gave you all the sectors, just said, okay, good, you could take notes and know where to focus. So I'm focusing on the 6, 7 industries that they said they will focus on growing. A lot of it deep tech related. Go for that. I think onshore wealth will develop, and that's onshore wealth management. The reason I think that is number 1, rates are very low and so the money has to be invested somewhere. And it's not going to the property market. So it will probably go into wealth management products. And in the past, the wealth management products in China, they suffered from that proliferation of trust products, which were essentially asset backed securities against property. They lost money. So now, if you're going with a good, strong kosher value proposition, well diversified, low vol risk return, risk appetite suitable solutions. I think you have a good chance to winning. So that includes a good estate plan, planning for the future, planning for your next generation, and investing in a diversified portfolio. So we're investing in onshore wealth. We're also investing in backing some of these future industries. >> So when you say investing, it would be mainly in human resources? >> Lending. Oh, no. So for wealth management, we just opened our wealth center in Shanghai. We'll probably open a few more if that goes well. And then for the new economy or new tech companies, we are reaching out to them and helping them. So some of them want to go international. We will bring them out to global markets. Some of them might need help on structuring or funding. So whether we bring in VC companies. So when we set up this new economy group, we call it Digital Economy Group, a few years back, 2021, because we realized with tech companies, especially high growth tech companies, you can't use a traditional banking lens to lend to them because you won't lend to them. But if you took a lens of, how do you help them raise money, how do they get to break even? How do you then maybe create a different capital stack, including convertible bonds or hybrids and bring in A, B, C rounds and then your IPO, then it's different way to bank them. And then we also did a fund with Temasek called Evolution X where we came up with the growth debt fund as well, because I think you need to wear a different lens to bank these high growth tech companies. And so that's an area of expertise that we've grown over the years. And I do believe that that puts us in hopefully a good position to help them. >> That's very interesting. So the digital group that you talked about is basically a VC unit? >> It's like a growth, because we don't put venture. We're not venture investors, so we don't put venture equity in. We put debt in. But we will find VC investors. We will bring you investors. And also, for example, we also bring in our private banking clients. So for example, we're working with China, North Asia type of VC company or growth tech company, it's fun, where they identify some of these companies and we raise money through our private banking franchise. >> One last question on China. You have gradually raised your holdings in Shenzhen Rural Commercial Bank to a little more than 19% now. >> Yeah. >> What's your plan going ahead? Would you like to take majority control of the bank or would you like to take it to the market? >> Well, the rules are 20, but you can go to NFRA and ask for more, I guess. We'll take it. As the regulations come, we'll see what we'll do. But it's been a good investment. Both parties, both DBS and Shenzhen Rural Commercial Bank, very complimentary. We don't bank their clients. They don't bank our clients. They're solely onshore. We're more offshore than onshore. So they've helped us with SME clients onshore that we don't really know how to bank. And we've helped their SME clients and their large corporate clients go out of China. So when they want to grow outside China, they've come with us. They don't have a huge wealth platform, so we've helped them to build it onshore. They don't have much property exposure, so quite a clean, quite conservative, but very steady, solid bank, very happy with the partnership. >> That's great. Since taking over, the overall earnings have been pretty steady, but especially in the last quarter, you announced your earnings last week, the earnings, basically they beat market expectations, DBS shares are a record high. Your shareholders, they don't have much room to demand a strategy reset or any changes, but I'm sure you have been talking to your shareholders and getting their feedback and your key stakeholders as well. Now that you have been in this role for a little more than eight months, going ahead, do you see yourself unveiling any strategy reset for the bank to prepare for the next phase of growth? >> So I'm lucky as CEO. I inherited a strong foundation, and my old boss Busch, he hired me. So I've been with him on this journey now for 15.5 years. So whilst it's a continuation of the culture that we set many years back, it's also one where the team has to be agile. And I like to think that we created a digital and a data mode in the last few years. The digital mode is really making sure that our tech stack is modern and agile. It's not 100% modern and agile. We're into the last 10% of moving out of monolithic systems, but we're getting there slowly. But also the data mode that we created, which is the hardest part of any older business, anyone that has business more than 10 years old, you'll have legacy data, it's how do you move that legacy data into a data lake, into metadata that you can then use to create models. That's the hardest part. And we did that heavy lifting. We started that heavy lifting in 2016. It is a continuous journey. But because we started so long ago, I am now in a position to be able to add on to what we've done. Right now, I want end to end data governance because data security and data governance is important, and data control. When do you purge it? When the data is born to the dates purged, how do you make sure you're using it in the correct way?And in the past, we were using what I call classic AI models. Now you've got generative AI models. Now you've got the use of agentic AI, God knows when you have AGI as well or superintelligence, then how does that change the way you operate. It could change the way you operate tremendously. But to be able to take on these new challenges and new technologies, your team and your people must be ready to infuse all this new tech into the way you operate. And because we had already moved to a horizontal, not vertical organization, we call them managing through journeys. Account opening is a journey, applying for a loan is a journey, etc. Then there's an AI comes in, classic AI, generative AI, agentic AI. You move it in. Some jobs will change. And yesterday I was having lunch with our friends from Ant, and there's a Chinese saying like when you use the human eye, human eye can read, I think it's white one, eye one line. But now with the AI, it's one eye, 10,000 lines. That's the speed at which the capacity of this new technology gives you. Can you imagine reading 10,000 lines in one second, which is what it does. So that really changes everything. But in order to embrace this change, you do have to be not scared to say, okay, your job, your job, your job is going to change. But it's okay because like, yesterday, my data scientist said all the data, we have a lot of data scientists who are doing processes and process improvements and trying to figure out the use of data science and data analytics, how they could do it. But they said, the AI can do it now. So I'm like, okay, so what are you going to do? Do you remember when five years ago, we didn't have enough coders. Now coding is ubiquitous. Then we didn't have enough data scientists, but now the AI can also do the data science for you. So what are you going to do next? And they said, well, I'm going to now move on to the customer interaction side. I'm going to try and see what new, I will come up with new use cases for the model to test and learn. So now they're ideating, which is great. So I think the workforce that we operate now needs to be agile. And I always say hire for attitude. Don't hire for knowledge. Knlege is ubiquitous. Attitude is not. Hire for attitude, and make it safe for people to change, to change roles, to change jobs, to try new things because otherwise, you're going to be stuck in the past. >> Yeah. All those sounds very interesting and I go back to the comment that David made earlier about your ambition is to make DBS the best bank with the heart. >> Or the AI-enabled bank with a heart. >> Sorry, AI-enabled bank with heart. The main debate that's going in the banking sector, you talked about job changes. But what about job losses? Do you see AI resulting in big redundancies? >> As with any big technological revolution, there will be a bubble. Everyone will be rushing a bit of a gold rush into this new fangled thing, and then the valuations will go up. And then there will also be the fear of job losses. And inevitably, the bubble crashes or the bubble corrects, and the anticipated massive job losses didn't really happen. Of course, jobs will change. Horse cart, you learn to drive a car. And now the car is self driving, then you learn to do something else. You do something in the car. Human race has survived only because we know how to stay agile and we've evolved. So I do believe in the ability of the human race to evolve. But I think it behoves governments and business leaders to work together to make this evolution less problematic, if you will, especially for young graduates who are looking for white collar jobs. That entry level, I think could be potentially at risk the most because most companies still want, in Hokkien we say Lao Tia, you still want the experience , people with judgment. You want the guys or girls who've gone through stresses and can make good judgment calls. If you used to hire 100 analysts to do all the analytics work, you don't need 100 analysts today. So what are you going to do with 100 kids you used to hire? And so that's the point. And I do think society will do well to work with governments and create that help, if you will, for these young kids who are graduating. During COVID, we took in, was it 200? I can't remember. We didn't need to hire so many fresh graduates, but we did here in Singapore and elsewhere. But there was some government help, only because I think you give them experience that money can't buy. It helps their CV. Then after two years when the economy picks up, they can go get another job. They can join my competitors. Doesn't matter. But the fact is then you've given them a leg up. And that's what they need. They need that leg up. So I do think for the sake of society that we should work together to see how we give these young kids a leg up. >> Right. As the CEO of the bank, which is in middle of all these changes, how much time do you spend to learn AI or use AI in your daily workflow? I believe you are spending some time to learn about gaming these days. Do your kids tell you you're spending a lot of time on games? >> That's only because I was trying to win back the teenagers that we lost. It's a long story. But before we joined, in Singapore, we have this baby account. We used to have every baby. Then frOM 2010-2015, we lost those five years of babies being born to a competitive bank. And those babies are now between 10, 15-years-old. So they're teenagers and like, I need to win them back. And in order to win them back, you got to go into their world. But actually, I learned this from Korea. I was in Seoul. I went to see all the great tech companies in Seoul, including Nava, including the woman who was behind Netflix. What's the Netflix movie? Parasite. And also Nava. And also the KPop Demon Hunter or something. >> Hibi, they do the K-pop. I wanted to ask them because they didn't look that young. They looked like my age. I'm like, how do you stay so current and how do you stay ahead of the trends? They all said, look at the teenagers. You just have to look at teenagers and what they like, what they're doing, then you'll be ahead of the trend. I'm like, okay. So I came back and told my team, hey, what are the teenagers doing? They said they're playing this game, that game. So we tied up with Garena, a great Singapore Singaporean company called Sea. And we did a thing with that game in Taiwan. I think in Day 1, we got 50,000 new card users, I can't remember the figure, 40,000 or 50,000. But the fact was, my God, if you say your reward points can be exchanged for weapons, wow, that really works for the gaming population, right? So I learn more by doing. I'm a terrible gamer, so don't ask me to play any games, but I learn from looking at all these kids and asking people who do this business. I'm very curious. So I love to learn from all these business leaders or young aims, young talent in DBS. So how do you keep current? Look at the young, surround yourself with what I call my reverse mentors. I have a lot of young mentees who actually mentor me and tell me off for my terrible social media non-presence. I don't have any TikTok account except all the hacking ones, the scammer ones that are not me. So if you see me on TikTok, it's deepfake. >> I'm sure there are fake huge crypto accounts as well, and now [inaudible 00:52:18]. I know we're running out of time, so we'll take a couple of questions from the audience, but before that, just one last question from me. One thing I've noticed that you come up with very interesting acronyms. So for you, DBS is, the D stands for digital , dependable and diversifier. Let me start a quick question on digital part of it. You are one of the first banks to launch crypto custody business in Asia three or four years ago. Then yesterday there was an announcement that you are tying up with Franklin Templeton intent to launch Singapore's first tokenized retail fund. How do you see digital asset business becoming a meaningful source of revenue generator for you going ahead? >> So this comes from a philosophy of understanding what banks do. Banks intermediate people's money. They take your deposits, your hard earned deposits, and we lend it out. We give you payment services. You can transfer money. You can pay for services and goods. And that's the baseline bread and butter banking business. We also take our customers' funds, and we help them to invest it, invest in wealth management products, private markets, public equities, public bonds, funds, private markets, private equity, private debt. And then as the digital ecosystem evolved, if you want to stay in that business of being a financial or trusted financial intermediary, you need to be able to also help them to get into the digital asset ecosystem. And that sits in the blockchain. It can be a public blockchain, it can be a private permission blockchain, but it is a tokenized asset, agree? So if you want to stay as your trusted partner to your customer, then if they're going into tokenize world, you should be that trusted custodian of their tokenize assets, agree? Because if you think about it, if you're going to put all your assets onto the blockchain, are you going to remember all your keys? Are you going to lose your password? You are, right? >> Open the gateway for the scammers. >> Yeah. So we only did the custody because many years ago, one big sovereign wealth fund, the lady boss gave everybody a Bitcoin. It was, I think, an experiment. It was $40 then. Then she wanted to see what they did with it. That's the story, anyway. But I remember getting a lot of calls many months after, like a year or two later. I think Bitcoin went up to 10,000 or 20,000, and they all forgot their password, their crypto key. That was when we had an aha moment, we were like, oh, there is a use case for creating a strong custody for digital assets. And it has to be strong because when you have assets in the blockchain, and I learned about this today. This is when you have young people working for you. They tell you, do you know about the dust? See. I didn't know about what the heck was dust, but if you have assets in the blockchain, you are constantly going to have dust. It's like having your mailbox and your mailbox has to be open, and people stuff flyers in. You can't stop it. It just comes in. So you get dust in, and the dust are people fishing for your ID. And they're scammers. They're going to try and steal your coins. So you have to be so strong in your custody. So we have the cold wallet. We have an air-gap, we have the hot wallet. And then, again, like my young people are telling me, it's like you're in a submarine and you're surfacing four or five times a day. When you surface, the dust will come, you emerge, then you get out, and then the dust goes away. So they can't find you. It's so complex this, but you have to make sure you have a great safe custody. So for me, dependable bank, D, I have to invest in great safe custody. So we did it. After we did it, the customers who custodize with us said, I maybe want to trade on and off ramp with someone I trust and I maybe don't want to go to FTX or whatever. Some of these exchanges we're going past. They said, why don't you create a digital exchange, and I can go on and off with you. So we're like, okay. So we got regulatory approval, created a digital exchange. And then we thought we should actually learn to originate as well. So we learn best by doing, as I said. So we learned to originate, we learned to trade, we learned to do payments. We learned to do repo. And then we met Jenny Johnson, gosh, a couple of years ago, we started to whiteboard with her and her team. She's also really frontier. And so we figured that, I said, Jenny, customers who are going to hold cash on the blockchain deserve to get yield. It's not fair that they're giving the yield away to the stablecoin issuer. So she said, okay, let's do this. So she has some money market fund. We tokenized it. It's on our exchange. >> Amazing. I know we are running out of time, but we have time for just a couple of questions from the audience. If you could raise your hand, identify yourself and ask your brief question. Sure. Go ahead, please. >> Thank you, Su Shan. I have a question around financial literacy. You talked a little bit about teenagers, but my teenage daughter recently left home, went away to university, and it dawned upon me that we'd failed to educate her about financial literacy. How well is DBS doing in that space? And do you think in Singapore, we should be doing more regionally to help people get financially literate? >> 100%. When I used to run the consumer bank, that included POSB, we used to reach out to all the community centers. We had to bribe them with food. So we'll serve dinner, and then people will come. And it was really basic like don't blow out, don't spend too much on your credit card because your interest rates will snowball. There's CPF, there's SA, there's OA, there's RA, there's many fund, there's many save, there's all the conundrum of the alphabet soup of products. So the answer is yes, and we need to make it simple. The kids are all on Robinhood, Futu. Your daughter will probably open a Tiger Brokers or Futu or one of these, because they all share on TikTok. So they will know about buying Bitcoin. And in fact, you know why, one of the reasons why we got into the digital asset ecosystem was one Christmas I looked at all the Visa payments of the kids, and you remember, I was looking at how young kids spend, and they were all buying Bitcoin on their parents or their supplementary cards using Visa or Mastercard or whatever. That was when I had an aha moment. So, yes, absolutely, they should. What are we doing? So this is a big passion of mine too. I think wealth is democratized. Wealth management should be democratized. It should go out to absolutely the youngest or not so rich person. Absolutely. So whatever we've built for priority and private banking, we have brought it down to the masses. But we can't afford one RM for every client, but we digitize the whole thing. So we have like kiasu portfolios. This is the scared to lose portfolio, money market funds and bonds and what have you, and REITs, maybe. Then we've got the higher medium risk and high risk. So it's like save, invest, sleep, repeat, save, invest, sleep, repeat, a regular savings plan. And we make it really simple. So every month, when you get paid, you put a little bit away every month, same thing. So that's snowballs. So nothing like that. What I like to think is the power of compounding when you're young, when your daughter's now what, 18. Can you imagine that she compounds every month a little bit of her savings. By the time she gets to 30, she would have saved enough. >> Thank you. I'm afraid we have to wrap it up here, otherwise Tim will kill me. Thank you very much for your time. It was a great conversation. >> Thank you all for coming. >> Thank you. >> Thank you, [inaudible 01:01:09]. Thank you, Su Shan. I have a teenage daughter who I will be making watch this conversation later on to learn some lessons. Thank you to everybody who's here with us in Singapore. You are very welcome to join us for a drinks reception here at LSEG. Thank you.