Clever companies build innovative societies: Tharman

SINGAPORE — Companies are key players in creating innovative societies and, as Singapore gears up to transform into a Smart Nation, an upstart culture in organisations such as DBS Bank will not only help them grow faster but will also go a long way in shaping the country’s future, Deputy Prime Minister Tharman Shanmugaratnam said yesterday.

“DBS is taking the right approach through its upstart culture. Using the digital route to penetrate international markets is a clever strategy that the bank is using ... The long-term strategy of treating customers as partners and helping them grow together is an enlightened strategy that is the best way to keep customers,” said Mr Tharman, who is also the Coordinating Minister for Economic and Social Policies, at the launch of DBS’ 3,716sqm learning centre called the DBS Academy.

The academy aims to build a strong talent pool to help shape the future of Singapore’s finance industry, and set a benchmark for innovative learning spaces and approaches in Asia, said the bank. It will focus on “future-proofing” employees by equipping them with digital skills, as well as encourage them to embrace a digital mindset through experiential learning and experimentation.

DBS said it plans to open the academy to ecosystem partners such as small and medium-sized enterprises as well as social enterprises in future, a move that will help equip the workforce here with skills to meet new business challenges and opportunities. The upstart culture within large organisations enables staff to think like start-ups and not just a small member of a large organisation, said Mr Tharman.

“History is littered with examples of large successful organisations that have their meals taken away from them by smaller companies (that came up with disruptive business models). So, that culture is critical in our large organisations which play an important role in our SkillsFuture journey,” he said.

Amid technological advances that redefine the way business is conducted, banks in Asia are facing an unprecedented level of competition from financial technology firms, mobile and Internet companies, said DBS chairman Peter Seah at the launch.

“Against this backdrop of rapid changes and competition, the need to train and build a strong core of future-ready workers able to help shape the future of the industry in the next 50 years is especially crucial,” he said.

The bank will also introduce DBS SkillsFlex, a programme that complements the SkillsFuture movement. Under the new programme, DBS will give bank staff S$500 worth of SkillsFlex credits for selected training courses customised for the lender by NTUC LearningHub. This is in addition to those offered in the SkillsFuture Credit course directory.

Having played a pivotal role in shaping Singapore’s economic landscape and fuelling the country’s industrialisation efforts, DBS will continue to play a key role in championing and consolidating Singapore’s position as the leading financial hub in Asia, said Mr Seah.