The Development Bank of Singapore Ltd, known as DBS, was established on 16 July 1968, initially taking over the industrial financing responsibilities from the Economic Development Board (EDB). Over time, DBS has grown to become Southeast Asia's largest bank by branches, playing a significant role in the Asian financial landscape.

The concept of a development bank in Singapore was ignited by a 1960s United Nations Industrial Survey Mission headed by Albert Winsemius. The survey highlighted the requirement for a dedicated institution to drive Singapore's industrialization. Consequently, the EDB was founded in 1961, marking a crucial advancement in the nation's economic trajectory. As EDB's financial obligations increased from S$7.4 million in 1962 to S$73.9 million by 1967, a dedicated bank became necessary, leading to DBS's formation.

Officially incorporated on 16 July 1968, DBS commenced operations on 1 September 1968. It sought to provide financial resources to manufacturing industries, thus accelerating industrial activities. Moreover, DBS extended its support to significant urban development and tourism initiatives, thus broadening its influence beyond just financial assistance.

DBS was conceptualized as a joint venture of public and private sectors. Organized as a public company under the Companies Act, it permitted involvement from various stakeholders, including the general public and commercial banks, ensuring a broad investment base to back its financial endeavors.

A notable early milestone for DBS was acquiring EDB’s loan portfolio valued at S$44.6 million in 1968, a move facilitated by the Economic Development Board (Transfer of Assets) Bill. This acquisition fortified DBS’s position, enabling it to expand its operational scope.

In the years following, DBS swiftly expanded its financial offerings and geographical presence. It inaugurated its first branch in Singapore at Jurong in 1972 during the era's industrial surge. Internationally, DBS established its first overseas branch in Tokyo, Japan, in 1977, illustrating its expanding global banking influence.

DBS diversified into real estate developments with remarkable projects such as the iconic DBS Building on Shenton Way, as well as Plaza Singapura and Raffles City. These projects not only yielded substantial financial returns but also contributed to the transformation of Singapore's urban skyline.

By the close of the 20th century, DBS had conducted strategic acquisitions to amplify its market presence, most notably acquiring POSB Bank in 1998. This acquisition enabled DBS to significantly expand its customer base and deepen its market penetration within Singapore.

Today, DBS exemplifies Singapore’s forward-thinking economic strategies, evolving from a national development bank into a global financial powerhouse. Its trajectory from a foundational development bank to a major player in international banking highlights the vibrant evolution of Singapore’s financial services sector.