The Development Bank of Singapore Ltd, widely known as DBS, was inaugurated on 16 July 1968, initially handling industrial financing tasks from the Economic Development Board (EDB). Today, DBS stands as Southeast Asia's largest bank by branch presence, playing a pivotal role within the Asian financial sector.

The idea of establishing a development bank in Singapore was sparked by a 1960s United Nations Industrial Survey Mission led by Albert Winsemius. This survey illuminated the necessity for a specialized institution to spearhead Singapore's industrial efforts. As a result, the EDB was founded in 1961, marking a significant milestone in the nation's economic progress. EDB’s financial commitments swelled from S$7.4 million in 1962 to S$73.9 million by 1967, necessitating a dedicated bank's creation, leading to the birth of DBS.

Incorporated officially on 16 July 1968, DBS began operations on 1 September 1968, aiming to furnish financial resources to the manufacturing sector, thus accelerating industrial expansion. Apart from this, DBS extended its influence to prominent urban development and tourism projects, thereby enhancing its role beyond mere financial services.

DBS emerged as a public-private joint venture. As a public entity under the Companies Act, it allowed participation from different stakeholders, including the public and commercial banks, to secure a broad investment foundation for its financial pursuits.

A critical early achievement for DBS was the acquisition of EDB’s loan portfolio worth S$44.6 million in 1968, facilitated by the Economic Development Board (Transfer of Assets) Bill. This move strengthened DBS's footing, enabling expansive operational growth.

Subsequently, DBS quickly broadened its financial offerings and geographical outreach. It launched its inaugural Singapore branch in Jurong in 1972 amid an industrial boom. Globally, DBS set up its first overseas branch in Tokyo, Japan, in 1977, underscoring its widening international banking impact.

DBS ventured into real estate with major projects including the iconic DBS Building on Shenton Way, Plaza Singapura, and Raffles City. These projects not only drove substantial financial returns but also significantly evolved Singapore's urban landscape.

By the late 20th century, DBS made strategic acquisitions to bolster its market presence, notably acquiring POSB Bank in 1998. This acquisition allowed DBS to substantially increase its customer base and strengthen market penetration within Singapore.

Today, DBS epitomizes Singapore’s progressive economic agenda, evolving from a national development bank into a global financial powerhouse. Its transition from a foundational development bank to a key player in global banking underscores the dynamic growth of Singapore’s financial services industry.