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The WikiFX Score of this broker is reduced because of too many complaints!


China|5-10 years|
Regulated in United Kingdom|Straight Through Processing(STP)|Global Business|Suspicious Overrun|High potential risk|


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(44 207)489 6550
The WikiFX Score of this broker is reduced because of too many complaints!


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(44 207)489 6550

Traditional Chinese(HK)

2290 8888

Traditional Chinese(HK)

(02) 6612 9888


1800 209 4555

Broker Information


Company Name

DBS Bank

Company Abbreviation


Platform registered country and region


Company website

Pyramid scheme complaint


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WikiFX Risk Alerts 4
Previous Detection : 2024-02-24
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
  • This broker exceeds the business scope regulated by United Kingdom FCA(license number: 204650)Straight Through Processing Licence Non-Forex License. Please be aware of the risk!

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DBS · Company Summary

Aspect Investment
Company Name DBS
Registered Country/Area Singapore
Founded Year 2015
Regulation LFSA
Services Services:Currency convert,Fund analysis,Asset management,Import/export services;Products:Futures,Options,Insurance plan
Account Types Business account,Escrow account,Fixed deposit account
Payment Batch Payment,RMB Electronic and Paper Instrument,Instant CUP Payment via API,DBS DigiDocs,SWIFT Global Payment Initiative
Customer Support Phone:400 821 8881

Overview of DBS

DBS, a company based in Singapore and established in 2015, operates under the regulation of the LFSA and offers a diverse range of financial services and products. These include currency conversion, fund analysis, asset management, import/export services, as well as futures, options, and insurance plans.

Meeting primarily to businesses, DBS provides various account types such as business accounts, escrow accounts, and fixed deposit accounts.

Payment solutions are comprehensive, featuring batch payments, RMB electronic and paper instruments, instant CUP payments via API, DBS DigiDocs, and the SWIFT Global Payment Initiative. For customer support, DBS is accessible through phone at 400 821 8881, ensuring clients have assistance when needed.

Overview of DBS

Is DBS Limited Legit or a Scam?

The Financial Conduct Authority (FCA) in the United Kingdom currently oversees the regulatory status of a financial entity that has exceeded its regulatory expectations.

This entity holds a Straight Through Processing (STP) license, identified by license number 204650.

The STP license allows for direct processing of transactions without manual intervention, ensuring a faster and more efficient execution of trades, which is a notable aspect of its regulatory status under the FCA's stringent oversight.

Is DBS Limited Legit or a Scam?

In Malaysia, the Labuan Financial Services Authority(LFSA) regulates a financial entity with a current status of being regulated and holds a Market Making (MM) license.

However, the specific license number for this entity has not been released. The MM license permits the entity to provide liquidity to the market by buying and selling financial instruments, a crucial role that contributes to the overall market efficiency and stability.

This regulation under the Malaysian authority ensures that the entity adheres to local regulatory standards and practices.

Is DBS Limited Legit or a Scam?

Pros and Cons

Pros Cons
Regulatory Oversight Regulatory Restrictions
Market Access Operational Costs
Transparency Complexity for Clients
Financial Stability Market Making Conflicts
International Standards Compliance Limited License Information


  1. Regulatory Oversight: Being regulated by reputable agencies like the FCA in the UK and the Labuan Financial Services Authority in Malaysia ensures adherence to high standards of financial conduct and consumer protection. This oversight provides a level of security and trust for clients and partners.

  2. Market Access: The licenses held by the entity, Straight Through Processing (STP) and Market Making (MM), allow direct market access and the ability to provide liquidity, which can lead to better execution rates and more efficient trading for clients.

  3. Transparency: The regulatory status, especially with an STP license, implies a transparent trading environment where the entity acts as an intermediary without taking the other side of client trades, reducing potential conflicts of interest.

  4. Financial Stability: Being under the scrutiny of regulatory bodies means the entity is likely to maintain higher levels of financial stability and risk management practices, safeguarding clients' funds and investments.

  5. International Standards Compliance: Regulation by bodies in the UK and Malaysia suggests compliance with international financial standards and practices, enhancing the entity's credibility on the global stage.


  1. Regulatory Restrictions: While regulation ensures safety and transparency, it can also lead to restrictions that might limit the entity's ability to offer certain high-risk/high-reward products or leverage levels, potentially curtailing investment opportunities for clients.

  2. Operational Costs: Compliance with regulatory standards, especially in multiple jurisdictions, can significantly increase operational costs due to the need for enhanced systems, reporting mechanisms, and compliance protocols. These costs might be passed on to clients in the form of higher fees or charges.

  3. Complexity for Clients: The regulatory environment, especially with different licenses and oversight bodies, can be complex for clients to understand, potentially leading to confusion regarding the services offered and the protections in place.

  4. Market Making Conflicts: While the MM license allows for liquidity provision, it can also pose potential conflicts of interest, as the entity might profit from client losses if it takes the other side of trades, despite regulatory oversight aimed at mitigating such risks.

  5. Limited License Information: The unreleased license number for the Market Making license in Malaysia may raise questions about transparency and the specific scope of regulated activities, potentially affecting client confidence.

Products & Services

These offerings encompass both traditional and innovative financial solutions, ensuring clients have access to comprehensive financial management and investment opportunities.

Financial Products:

  1. Forex:Forex trading is a prominent product offering from the entity, providing clients with a comprehensive suite of solutions to manage currency exchange and mitigate risks associated with market volatility. Through platforms like DBS FX Online, and services such as FX Forward and FX Options, clients can execute transactions efficiently, hedge against exchange rate fluctuations, and optimize their financial strategies.

Products & Services
  1. Futures: This includes contracts for the purchase or sale of financial instruments or physical commodities for future delivery, providing clients with opportunities to hedge against market volatility or speculate on future price movements.

  2. Options: These financial derivatives grant the holder the right, but not the obligation, to buy or sell an underlying asset at a predetermined price within a specific time frame, offering strategies for risk management or speculative ventures.

Products & Services
  1. Insurance Plans: Tailored insurance products are available to protect clients' investments and assets, offering peace of mind and financial security against unforeseen circumstances or market downturns.

Insurance Plans
  1. Fixed Deposit Accounts: These accounts provide a safe and stable return on investment, with fixed interest rates over a specified period, appealing to risk-averse clients seeking predictable income streams.

Financial Services:

  1. Currency Conversion: This service facilitates the exchange of different currencies, essential for international trade, investment, and travel, ensuring competitive rates and efficient transactions.

Financial Services
  1. Fund Analysis: Expert analysis of investment funds is provided, including performance assessments, risk evaluations, and strategic recommendations, empowering clients with insightful data to make informed investment decisions.

  2. Asset Management: Comprehensive asset management services are offered, encompassing portfolio management, asset allocation, and financial planning, tailored to meet individual investment goals and risk tolerances.

Asset Management
  1. Import/Export Services: Specialized financial solutions support clients engaged in international trade, including trade financing, letters of credit, and foreign exchange risk management, facilitating smooth and secure cross-border transactions.

 Import/Export Services
  1. Payment Solutions:

    1. Batch Payment: This service streamlines the processing of multiple transactions, optimizing operational efficiency for businesses managing extensive payment operations.

    2. RMB Electronic and Paper Instrument: Offering versatile payment instruments in Renminbi meets clients engaged in trade or transactions with China, ensuring compliance and convenience.

    3. Instant CUP Payment via API: Integration with China UnionPay through API provides instant payment capabilities, enhancing transaction speed and user experience for clients and their customers.

    4. DBS DigiDocs: A digital documentation service that simplifies and secures the handling of trade documents, reducing paperwork and enhancing efficiency.

    5. SWIFT Global Payment Initiative (GPI): Participation in the SWIFT GPI network ensures faster, more transparent, and traceable cross-border payments, setting a new standard in international banking transactions.

Account Types

The entity offers a variety of account types tailored to meet the diverse needs of its clients, each designed to meet specific financial requirements and objectives:

  1. Business Account: This account is designed to support the growth of businesses by providing a comprehensive range of services. It is ideal for companies looking for efficient financial management tools and services to streamline operations, manage cash flows, and facilitate business transactions.

  2. Escrow Account: The Escrow Account is aimed at safeguarding assets and reducing the risk of fraud during transactions. It acts as a neutral third party that holds funds or assets until the terms of an agreement or contract are fulfilled, offering peace of mind and added security for both parties involved in a transaction.

  3. Fixed Deposit Account: For those looking to earn higher returns on surplus funds, the Fixed Deposit Account offers a secure investment option. Clients can deposit funds for a fixed period, during which the money earns interest at a higher rate compared to regular savings accounts, providing a stable and predictable income stream.

  4. Certificate of Deposit (CD): A Certificate of Deposit is a time-bound deposit that offers fixed tenors, a minimum deposit amount, and interest rates based on the market pricing model. It is a low-risk investment suitable for clients looking to earn interest over a specific period without the need for frequent access to their funds.

Each of these account types is designed with specific features and benefits to accommodate different financial needs, whether it's for business operations, transaction security, investment growth, or low-risk savings.

Account Types

How to Open an Account?

Opening an account with this entity can be a straightforward process, typically involving the following steps:

  1. Choose the Account Type: Begin by reviewing the available account types (Business Account, Escrow Account, Fixed Deposit Account, Certificate of Deposit) and select the one that best fits your financial needs and goals. Consider factors such as the purpose of the account, the required features, and the potential benefits each account offers.

  2. Complete the Application Form: Once you've chosen the suitable account type, access the application form, which can usually be found on the entity's website under the specific account's section. Fill in the required details accurately, which may include personal information, business details (for business accounts), financial information, and any specific account preferences.

  3. Submit Necessary Documentation: Along with your application form, you'll need to provide certain documents for identity verification and to meet regulatory compliance. This may include a valid government-issued ID, proof of address, business registration documents (for business accounts), and any other documents specified by the entity. Ensure all documents are up-to-date and clearly legible.

  4. Await Approval and Activation: After submitting your application and necessary documents, the entity will review your submission for compliance and eligibility. This process may take a few days, depending on the account type and the entity's verification procedures.

Payment Methods

The entity offers a comprehensive suite of payment solutions designed to meet a wide range of transaction needs, from domestic payments to international transfers, ensuring secure, efficient, and flexible financial operations:

  1. Batch Payment: This service is an effective solution for processing high volumes of recurrent domestic payment transactions, streamlining operations and improving efficiency for businesses with regular, bulk payment needs.

  2. RMB Electronic and Paper Instrument: Allows for secure and efficient payments in Renminbi (RMB) to beneficiary banks, facilitating seamless transactions within and outside of China,meetomg the growing demand for RMB transactions.

  3. Instant CUP Payment via API: This service enables instant domestic payments at any time and from anywhere, leveraging the China UnionPay (CUP) network, providing a fast and convenient payment solution.

  4. DBS DigiDocs: A digital platform for managing cross-border payments and collections, enhancing the efficiency of international transactions and reducing the reliance on physical documentation.

  5. Payroll Service: Offers a cost-effective and efficient way to manage payroll, ensuring timely and accurate salary payments to employees, thereby streamlining the HR and financial processes of businesses.

  6. Telegraphic Transfers: Enables international transfers in 11 different currencies, providing a reliable solution for global transactions with flexibility in currency choice.

  7. PriorityPay: Ensures faster telegraphic transfers within the DBS network, enhancing the speed of international payments and providing a more efficient service for urgent transactions.

  8. SWIFT Global Payment Initiative (GPI): Offers fast, transparent, and traceable cross-border payments, improving the international payment experience by increasing speed and providing real-time tracking of transactions.

  9. China IBPS (Internet Banking Payment System): This domestic payment system allows for 24/7 instant payment and collection, processing transactions within seconds and enhancing the efficiency of domestic financial operations in China.

  10. DBS Pay Anywhere: A global payment solution that enables cross-border payments in over 120 local currencies, providing flexibility and convenience for international business transactions and facilitating global commerce.

Payment Methods

Customer Support

The entity provides dedicated customer support through its Business Care line, available at 400 821 8881. This service operates from Monday to Friday, excluding public holidays, and is accessible from 9:00 am to 6:00 pm.

This support channel ensures that clients have a reliable point of contact for any inquiries, assistance, or issues they may encounter, offering timely and professional help during the specified business hours.

Customer Support


The entity offers a comprehensive array of financial products and services tailored to meet the diverse needs of its clients, ranging from Forex trading solutions to a variety of account types and payment services.

With regulatory oversight from reputable authorities and a commitment to customer support, it provides a secure and efficient platform for managing financial transactions and investments.

Its dedication to innovation and client service ensures a reliable and advantageous experience for businesses and individuals navigating the complex financial landscape.


Q: What types of accounts can I open with this entity?

A: You can open a Business Account, Escrow Account, Fixed Deposit Account, or a Certificate of Deposit, each designed to meet different financial needs and goals.

Q: How can I make batch payments through this entity?

A: Batch payments can be processed through our dedicated service, allowing for efficient management of recurrent, high-volume domestic payment transactions.

Q: Is Forex trading available, and how can I access it?

A: Yes, Forex trading is available through DBS FX Online, providing a platform to book FX transactions with ease and manage currency risks effectively.

Q: What customer support options are available?

A: Customer support is provided through the Business Care line at 400 821 8881, available Monday to Friday from 9:00 am to 6:00 pm, excluding public holidays.

Q: What are the operating hours for Business Care customer support?

A: Business Care customer support operates from 9:00 am to 6:00 pm, Monday to Friday, excluding public holidays.

User Reviews

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more than one year
Deposits are straightforward, but rebates are rigid and overnight rebates are minimal. Tax obligations are clear, but account freezes for rule violations can be frustrating. Thawing accounts requires additional fees. Improving credit score comes at a cost, and third-party transfer fees add up.
2023-12-22 14:15
Ya Narak
more than one year
It's really strange, as far as I know, DBS Bank is a very famous bank in Singapore, but some people say it is a scam company... It scares me.
2023-03-01 10:38
more than one year
A year ago, I transferred the money to my brother in Singapore at DBS Bank, the fee was very low, and the service deserved 5 stars. At that time, the staff who helped me apply for the most favorable fee. I am very satisfied with the service of this bank.
2022-12-13 14:22
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