DBS Bank Ltd (Chinese: 星展银行有限公司; pinyin: Xīngzhǎn Yínháng Yǒuxìan Gōngsī) is a bank incorporated in Singapore. It was previously known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank.
The bank was set up by Government of Singapore in June 1968 to take over the industrial financing activities from the Economic Development Board. Today, its branches numbering more than 100 can be found island-wide. DBS Bank is the largest bank in South East Asia by assets and among the larger banks in Asia. It has market-dominant positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund-raising in Singapore and Hong Kong.
In 1998, DBS Bank merged with POSBank, giving it a dominant market share with over four million customers.
The Post Office Savings Bank was renamed as POSBank in March 1990. It was subsequently fully acquired by DBS Bank on 16 November 1998 for S$1.6 billion; at the same time, ceased to exist as a statutory board under the Ministry of Finance. POSBank still operates one of the highest number of bank branches in Singapore, especially in the suburban neighbourhoods, and operates the highest number of ATM outlets throughout Singapore. The integration of both banks allowed customers of either bank to share the facilities; DBS Bank depositors may use the Cash Deposit Machine installed islandwide in POSBank branches, likewise for POSBank depositors.
The acronym DBS may refer to:
A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. A bank connects customers that have capital deficits to customers with capital surpluses.[citation needed]
Due to their critical status within the financial system and the economy[citation needed] generally, banks are highly regulated in most countries. Most banks operate under a system known as fractional reserve banking where they hold only a small reserve of the funds deposited and lend out the rest for profit. They are generally subject to minimum capital requirements which are based on an international set of capital standards, known as the Basel Accords.
The oldest bank still in existence is Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuously since 1472.
Banking in the modern sense of the word can be traced to medieval and early Renaissance Italy, to the rich cities in the north like Florence, Venice and Genoa. The Bardi and Peruzzi families dominated banking in 14th century Florence, establishing branches in many other parts of Europe. Perhaps the most famous Italian bank was the Medici bank, set up by Giovanni Medici in 1397. The earliest known state deposit bank, Banco di San Giorgio (Bank of St. George), was founded in 1407 at Genoa, Italy.
Andrew Ng is an Associate Professor in the Department of Computer Science at Stanford University. He's also one of the founders of Coursera, an online education platform.
His work is primarily in machine learning and robotics. He received his PhD from the University of California, Berkeley, where he worked under the supervision of Michael I. Jordan. His research projects include the Stanford AI Robot (STAIR).
Ng is the author or co-author of over 100 published papers in machine learning, robotics and related fields, and some of his work in computer vision has been featured in a series of press releases and reviews. In 2008, he was named to the MIT Technology Review TR35 as one of the top 35 innovators in the world under the age of 35. In 2007, Ng was awarded a Sloan Fellowship.
Ng is the instructor of the free online Stanford Engineering Everywhere Machine Learning class that is hosted on ml-class.org. This course consists of video lectures by Ng and a series of review questions and programming assignments. The course was started in October 2011, and over 100,000 students registered for the first iteration.[citation needed]