DBS Bank, formerly known as Development Bank of Singapore, is the largest commercial bank in Singapore. The bank was founded in 1968 as a development financing institution established by the Singapore government. Not satisfied with its status as a local flagship, it accelerated its overseas expansion in the late 1990s, successively acquiring commercial banks in Thailand, the Philippines, Indonesia, Hong Kong and Taiwan, China, and renamed it DBS Bank in 2003. On October 18, 2021, the Hong Kong Monetary Authority (HKMA) announced that DBS Bank can launch the "Cross border Wealth Management Connect" business.