DBS is the largest bank in Singapore and Southeast Asia by assets, operating in 19 countries. Since entering Vietnam in 2010, the bank has focused on corporate banking, particularly trade finance and cross-border investment flows.
Amid intensifying competition and rapid digital transformation, Mr. Abdul Raof Latiff shared with VnExpress DBS’s development strategy, technological advantages, and long-term vision in Vietnam.
Mr. Abdul Raof Latiff, CEO of DBS Vietnam. Photo: DBS
Why did DBS choose Vietnam as a strategic destination in Asia?
Vietnam is one of the most dynamic economies in the region, marked by rapid growth and a clear shift in business mindset. Domestic enterprises are becoming more proactive in embracing innovation, sustainability and regional connectivity. At the same time, global geopolitical changes are reshaping trade flows, positioning Vietnam as a manufacturing and trading hub within the global value chain. These factors are why we view Vietnam as a longterm strategic market, rather than merely a stop along a cyclical growth trajectory.
What does DBS bring to Vietnam amid increasingly intense competition in the financial and banking sector?
Our value proposition rests on three strengths. First, our deep roots in Asia across 19 markets connect Vietnamese enterprises with supply chains, tapping consumer markets in ASEAN or finding the right partners and investors across Asia Pacific. Secondly, we have a comprehensive suite of financial solutions. DBS does not merely offer standalone financial products, we act as a long-term partner, from trade finance and cash management to advisory on foreign direct investment (FDI) and mergers & acquisitions (M&A). Third, digital capabilities tied to operational efficiency. Our digital platforms and real-time solutions have helped businesses simplify operations, improve transparency and strengthen risk management. At the same time, through sustainable finance, we help companies align with global standards and gain access to green capital.
DBS Group Singapore. Photo: DBS
While banks across the board are accelerating digital transformation, how does DBS differentiate itself?
Digital transformation is not just about investing in technology, it is about embedding technology into operations to deliver tangible impact. DBS focuses on API adoption and end-to-end digitalisation to enhance customer experience and optimise operational efficiency.
We develop API-based digital banking solutions that allow banking services to be seamlessly integrated into corporate clients' systems and platforms. The DBS RAPID platform is designed to facilitate real-time payments, collections, and information inquiries, enabling businesses to track cash flows transparently and significantly shorten transaction processing times. DBS now offers nearly 180 types of highly-modular APIs that can be combined in various ways to meet the specific needs of diverse industries, including e-commerce, healthcare, insurance, logistics, and manufacturing.
At the same time, we focus on enabling comprehensive end-to-end digital integration. Client’s systems can connect directly with the bank to execute various payment types and manage cash flows in real time. Solutions such as DBS IDEAL, VietQR, Host-to-Host connectivity, and our Digidoc platform help digitise documentation for international and FX transactions, reduce paperwork, and accelerate processing.
Internally, DBS Vietnam is undergoing a significant digital transformation to create a more efficient and sustainable operation, achieving over 90% Straight-Through Processing (STP), ensuring exceptional efficiency and service quality assurance across the entire network. These capabilities enable DBS to deliver digital payment and cash management solutions for corporate clients, creating a competitive edge as digitalisation accelerates across the banking industry.
How do you respond to the view that foreign banks tend to focus only on FDI and overlook small and medium-sized enterprises (SMEs)?
This is only part of the reality. Foreign banks often start with FDI clients and large corporates, as these segments align well with their capabilities in cross-border transactions, risk management, and compliance. However, DBS does not stop at this “safe” segment. We work alongside Vietnamese enterprises during their transformation journey, particularly SMEs that are looking to scale and standardise their operations. Our approach is to help them build strong financial and operational foundations before accelerating growth. For example, DBS has partnered with logistics companies to develop digital payment solutions integrated with domestic banking systems, enabling automated disbursements and real-time refunds. For exporting companies, the Digidoc platform helps digitalise documentation for international and FX transactions, increasing transparency and reducing cash flow risks. Once businesses have solid foundations, opportunities to work with international banks naturally expand. We aim to play a role in capability building, rather than being merely a lender.
After nearly 20 years in Vietnam, what are DBS’ milestones here?
Over the years, we’ve supported over 400 Vietnamese corporates with solutions that matters, from advanced cash management, trade finance, to digital solutions. These efforts have been recognised through numerous awards, including “Best Cash Management Bank” (Triple A, 2023), Best Bank for Cash Management Technology (Euromoney, 2024) and “Best Trade Finance Provider” (Euromoney, 2025). Globally, DBS has been awarded “Safest Bank in Asia” for 17 consecutive years. However, what matters most is the trust we’ve built and the progress we’ve helped enable.
DBS hosts events and outreach activities to connect with and support businesses in Vietnam. Photo: DBS
As CEO, what do you see as the biggest challenges in the coming period?
I see three major challenges are: global instability (geopolitics, supply chains, trade); digital transformation (leveraging technology while ensuring human and sustainability factors); and the rising demands for sustainable development (ESG) from investors, partners, and regulators.
What are the key growth drivers and most promising sectors in Vietnam in the short term?
Looking ahead, we see digitalisation and sustainability as key growth drivers. With Vietnam’s e-commerce market projected to reach USD50 billion by 2030, there’s huge potential for banking and digital payments services.
Vietnam has also committed to achieving net-zero emissions by 2050, making sectors such as renewable energy and sustainable agriculture increasingly attractive to FDI and opening up new opportunities. DBS is a key sustainable financing partner for SP Group and Sembcorp Industries in Vietnam, channelling syndicated green loans totalling USD 120million to their joint ventures and subsidiaries.
What are DBS Vietnam’s strategic goals for the next phase?
We remain optimistic, with Vietnam’s economic recovery projected to outpace its ASEAN counterparts at 6% between 2025-2040. Looking toward 2030, DBS aims to become a leading strategic partner and a key capital enabler within Vietnam’s financial ecosystem. We plan to expand our client portfolio across 14 priority sectors and serve as a bridge for investment and trade between Vietnam and major markets such as Singapore, China, South Korea, and Japan. At the same time, DBS is committed to supporting Vietnam’s digital transformation and green growth, contributing to a more sustainable and prosperous economy.
