Local bank DBS has been named the world's best bank by Global Finance magazine, the first Asian bank to receive the accolade, said a report by Straits Times.
Last year, the title was awarded to ING Bank.
The award was a recognition of the bank's efforts towards digital innovation while maintaining stable operations for its customers.
Piyush Gupta, Chief Executive Officer of DBS, said in a statement that it also shows how "Singapore punches above its weight".
"DBS started our digital transformation in 2014, early compared to many of our peers, and we have made huge progress," he told Straits Times. "In these disruptive times, more than ever, business is tech and vice versa. What sets DBS apart is that this belief is embraced by the entire organisation."
A recent innovation by the bank is POSB Smart Buddy – a savings and payments programme where children use smartwatches issued by the bank. Paired with a mobile app, the smartwatch allows parents to allocate pocket money for their children and track their spending.
In addition to customer-facing services, DBS' support functions, such as marketing and communications, human resource and audit, are also being innovated. DBS is also one of the few banks in the world that have devised a way of measuring the impact of their digital investments on their bottom line.