DBS Group Chief Executive Tan Su Shan stated that China’s push into deep technology and artificial intelligence is creating pockets of growth, despite an uneven recovery in its property sector and subdued consumer sentiment. She made these remarks during a Reuters NEXT Newsmaker interview on Tuesday.
Tan emphasized the government’s role, noting, “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.” She highlighted specific areas with exciting growth potential, including deep tech AI, biotechnology, small language models, humanoid robots, and drones. Regarding China’s market, Tan pointed to signs of recovery in cities like Shanghai, where DBS recently opened a wealth centre. She explained, “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.” Tan also stressed the importance of heeding government direction, stating, “I always take notes, because I know if they put their mind to it, they will do it.” On partnerships, Tan described DBS’s relationship with Shenzhen Rural Commercial Bank (SRCB) as “very complementary,” with DBS assisting SRCB’s clients in expanding overseas. This follows DBS increasing its stake in SRCB to 19.4% from 16.7% in January, strengthening its presence in China’s Greater Bay Area. Tan reiterated the need for businesses to diversify supply chains and revenue sources, especially following recent U.S. tariff actions. She noted, “COVID was a dry run,” adding that the strategy is to “press that diversification button even harder, especially on the demand side.” DBS, Southeast Asia’s largest bank by assets, recently reported better-than-expected third-quarter earnings, driving its shares to a record high, though it guided that 2026 net interest margins would be slightly below 2025 levels.
