Good morning, and a very warm welcome to DBS' first quarter 2021 financial results briefing. This morning we announced that our first quarter 2021 net profit doubled from the previous quarter and rose 72% from a year ago to SGD 2.01 billion. This marks the first time that quarterly earnings have crossed the SGD 2 billion mark. Some housekeeping before we begin. There will be two sets of slides accompanying the briefing today. Both the CFO and CEO presentation can be accessed from the DBS Investor Relations page. To take us through the numbers, we have with us our CEO Piyush Gupta and our CFO Chng Sok Hui. I'll hand the time now to Sok Hui. Sok Hui, go ahead. Thank you. Good morning, everyone. We start with slide two. We delivered a record performance as quarterly net profit crossed SGD 2 billion for the first time in our history, doubling from the quarter before and increasing 72% from a year ago. Business momentum was strong and broad-based. Loans grew 3% from the previous quarter, boosting net interest income 2% on a day adjusted basis. Net interest margin was stable. Fee income rose 15% from a year ago to a record, with wealth management fees and transaction service fees at new highs. Treasury markets and treasury customer income were also at record levels. The broad-based business momentum mitigated the impact of lower interest rates. Expenses rose 2% from a year ago to SGD 1.59 billion due to the inclusion of Lakshmi Vilas Bank. Asset quality was healthy, with non-performing asset formation and specific allowances at pre-pandemic levels. The stabilizing asset quality resulted in a general allowance write-back of SGD 119 million. Non-performing assets were 2% lower than the previous quarter. The NPL rate was 1.5%, and specific provisions were 21 basis points of loans. General allowance reserves remained prudent at SGD 4.13 billion. There was a SGD 1 billion or 31% above MAS minimum requirements and SGD 1.3 billion above the amount eligible for consideration as Tier 2 capital. Total allowance coverage was 109%, or 203% after taking collateral into account. Liquidity remained ample as deposits rose 2% due to current and savings account inflows. This was similar to recent quarters, with CASA rising to account for 74% of deposits. The liquidity coverage ratio and net stable funding ratio were 136% and 127%, respectively. Capital was healthy, with the CET1 ratio at 14.3%, well above the group's target operating range. The leverage ratio of 6.7% was more than twice the regulatory requirement of 3%. The board declared a first quarter dividend of SGD 0.18 a share, in line with MAS' guidance for banks to moderate dividends. Slide three. Net profit rose 72% from a year ago to SGD 2.01 billion. The first time in our history quarterly earnings crossed the SGD 2 billion mark. Total income was 4% lower at SGD 3.85 billion, as strong business momentum was more than offset by the impact of lower interest rates. Had net interest margin been stable, total income would have risen 9%. Net interest income fell 15%, or SGD 375 million to SGD 2.11 billion. The decline was due to a 37 basis point fall in net interest margin to 1.49% from global interest rate cuts in the first quarter of last year. Fees rose 15%, or SGD 121 million, to a new high of SGD 953 million. Record fees from wealth management and transaction services, as well as higher investment banking fees, more than offset declines in loan-related fees and card fees. Other income increased 12%, or SGD 82 million to SGD 794 million. Trading income doubled as treasury markets' non-interest income and treasury customer income rose to new highs. Investment gains fell from a high base. Expenses were 2%, or SGD 31 million higher at SGD 1.59 billion due to the integration of Lakshmi Vilas Bank. Stabilizing asset quality resulted in a general allowance write-back of SGD 119 million, compared to the SGD 703 million that was set aside a year ago. Specific provisions were SGD 183 million lower at SGD 200 million. Slide four. Net interest income was SGD 2.11 billion, 2% higher than the previous quarter after adjusting for the shorter day count. The increase was due to constant currency loan growth of 3%. Net interest margin was unchanged at 1.49% after three successive quarters of decline as loan repricing slowed. Compared to a year ago, net interest income fell 15%. The impact of a 37 basis point decline in net interest margin due to global interest rate cuts was moderated by loan growth of 7%. We have guided for 2021 full year net interest margin to be between 1.45% and 1.50%. Slide five. Gross loans increased 3% or SGD 12 billion over the quarter to SGD 393 billion. Growth accelerated and broadened compared to previous quarters. Non-trade corporate loans rose 2%, similar to the quarterly run rate in 2020. The growth was broad-based across the region and across a range of industries. Trade loans grew 6% as market demand improved and commodity prices rose. This reversed the decline in most quarters of 2020. Housing loans were 1% higher as strong momentum continued. This was the 2nd successive quarter of growth following declines in second and third quarter of 2020. The growth was a result of strong bookings in the second half of last year, which continued into the current quarter. Wealth management loans were also higher from healthy investor risk appetite and strong market sentiment. Compared to a year ago, loans grew 7%, led by non-trade corporate loans. Slide six. Deposits increased to SGD 478 billion over the quarter, up 2% in constant currency terms. As in recent quarters, the growth was due to current and savings accounts, which enabled higher cost fixed deposits to be let go. CASA grew 4% or SGD 14 billion to comprise 74% of customer deposits, a one percentage point improvement from the previous quarter and a 16 percentage point improvement from a year ago. Fixed deposits fell 3% or SGD 4 billion, continuing the previous quarter's decline trend. Faster loan growth than deposit growth resulted in the loan deposit ratio rising one percentage point to 81% after two successive quarters of decline. Liquidity was ample, with the liquidity coverage ratio at 136% and the net stable funding ratio at 127%. Slide seven. From this quarter, fees, which is a small component of total fees income, has been reclassified into transaction services and wealth management to better reflect the business operating model. Gross fees rose 13% from the previous record a year ago to a new high of SGD 1.09 billion. Record wealth management and transaction service fees as well as higher investment banking fees more than offset declines in card fees and loan-related fees. Wealth management fees rose 24% to a record SGD 519 million. Strong investor sentiment amidst the low-interest rate environment drove demand across a wide range of investment products. Bank assurance fees were also higher, reversing declines throughout 2020. A further SGD 168 million of wealth management income is captured under trading income as these are structured in-house. Transaction service fees increased 10% to a new high of SGD 230 million as trade finance, cash management, and institutional brokerage fees grew. Investment banking fees increased 36% to SGD 49 million from higher equity and fixed income capital market activity. Card fees were only 2% lower at SGD 169 million, as consumer spending continued to recover towards pre-pandemic levels and digital transactions accelerated. These partially made up for travel spending, which remained low. Growth fees increased 25% from the previous quarter. Growth was also broad-based, with card fees the exception due to seasonal factors. Slide eight. Expenses. Expenses were stable from the previous quarter and 2% higher than a year ago at SGD 1.59 billion due to the integration with Lakshmi Vilas Bank. Excluding LV Bank, costs were stable as higher bonus accruals in line with the better financial performance were offset by lower non-staff costs. Expenses were unchanged from the previous quarter. The cost-to-income ratio was 41%. Slide nine. Asset quality was healthy as delinquencies for both corporate and consumer segments continued to be low despite the tapering of loan moratorium. New non-performing asset formation was at half the quarterly average for 2020 and in line with pre-pandemic levels. NPL formation was more than offset by write-offs and recoveries. As a result, non-performing assets declined 2% from the previous quarter to SGD 6.59 billion. The NPL rate was 1.5%, slightly lower than the previous quarter. Slide 10. The stabilizing asset quality resulted in lower specific provisions. Specific allowances for credit exposures fell to SGD 199 million or 21 basis points of loans, compared to 31 basis points for full year 2020 and in line with pre-pandemic levels. Slide 11. General allowance reserves declined 4% from the previous quarter due to write-back, resulting from improvements in portfolio quality. General allowance reserves remain prudent at SGD 4.13 billion, which were SGD 1 billion or 31% above MAS minimum requirements. It also exceeded the amount eligible for Tier 2 capital by SGD 1.3 billion, which acts as a buffer for the total capital adequacy ratio. Allowance coverage was at 109%. When collateral was considered, allowance coverage was at 203%. Slide 12. Capital continued to be healthy. The common equity Tier 1 ratio rose 0.4 percentage points from the previous quarter to 14.3%. Profit accretion and a methodology refinement for market risk-weighted assets were partially offset by increase in credit risk-weighted assets. The CET1 ratio was above the group's target operating range of between 12% and 13.5%. The leverage ratio of 6.7% was more than twice the regulatory requirement of 3%. Slide 13. The board declared a dividend of SGD 0.18 per share for the first quarter. This was in line with MAS guidance for local banks to moderate dividends for four quarters, starting from the second quarter of 2020. The scrip dividend scheme will be applicable for the first quarter dividends. Scrip dividends will be issued at the average of the closing prices of the 10th and 11th of May 2021. Based on yesterday's closing share price and assuming the dividends are held at SGD 0.18 per quarter, the annualized dividend yield is 2.4%. Slide 14. In summary, the first quarter was extraordinary, with all businesses recording strong growth. Loan growth accelerated. CASA growth was sustained, while fee income and treasury income both reached new highs. We remain disciplined on costs, which was stable from a year ago, excluding Lakshmi Vilas Bank. Asset quality stabilized, resulting in a general allowance write back. The global economic rebound is strengthening. We are bullish about prospects for the coming year. Our franchise has been enhanced by new growth platforms. This quarter, we announced stakes in Shenzhen Rural Commercial Bank and in Partior to develop blockchain-based cross-border clearing and settlement technology. These follow the amalgamation of Lakshmi Vilas Bank, our announcement of the DBS Securities (China) Limited joint venture, the launch of the DBS Digital Exchange announced in the last quarter. We are well-placed to continue supporting customers and delivering shareholder returns as the economic recovery takes hold. Thank you for your attention. I will now pass you to Piyush. All right. Thanks, Sok Hui. Let me get to my presentation. If we start off with page two, I'm not going to go through all of this, Sok Hui just said it, but I think it was a bit of a golden quarter for us. Just a couple of snippets. The loan growth was really broad-based. The corporate lending has been consistent now for a couple of quarters. That was good. For the first time in several quarters, trade kicked in, and that's partly reflecting the improved commodity prices, but partly overall imports and exports in our client base at least was strong. That was helpful. Housing loans continued to be strong. Bookings for the first quarter were also strong, almost at a record level. I see that continuing to be an area of good momentum. Wealth management lending also continued to grow quite nicely, accompanying all of the activity in the market. Broad-based loan growth. The other thing that I'd call out is the activity in investment banking. Last year, DCM fixed income was generally consistently strong, but ECM was very weak for us. First quarter, actually both DCM and ECM kicked in. Actually our pipelines on both are looking very good. The fee income and investment banking was quite broad based. In treasury, I just want to call out that while trading obviously was a fantastic quarter for us, as for many other banks, but the customer business in treasury was also very strong. We're up 12% odd in the consumer space, 15% in the corporate space, there's a lot of activity all around. Frankly, I'll talk about it next slide, it reflects not only an improvement in market conditions, but I'd say, I think some improvement structurally in the nature of our businesses overall. Without spending more time and looking back, generally we had a very strong quarter from all accounts on the business side. I think what's more relevant is the next slide three. As I see the situation right now, I think the prospects for the macroeconomy are actually looking reasonably good. We saw the U.S. data yesterday, 6.4% first quarter annualized. We saw China year-on-year at 18%. Most of our countries we're seeing strong growth. Even India, notwithstanding the stage II of the pandemic, I think will come through quite strong. I think India will give up two, three percentage points relative to our forecast two months ago. We were forecasting 12, where I think maybe we'll come in closer to nine than 12, but that will still be a nice bounce back from last year's negative seven. We're seeing generally sustained growth, and we're seeing it across sectors. In fact, we don't have any sector bias. I thought from what we can see, that's quite broad-based. Our loan growth reflects that. Last year it was concentrated in TMT and real estate. This year it's extended to multiple sectors, so feeling relatively good. I said last year that loan growth is therefore likely to be mid-single digits, 4%-5%. We grew 4% now for two years in a row. Just based on the momentum in the first quarter and the pipelines we're seeing, we think we could get to the higher single digits instead of mid-single digits. Fee income, I think, will continue to be robust. I guided earlier for double digits. I think we will do a 15% first quarter. I think we should be able to continue being double digits. Wealth management obviously moves a little bit up and down based on what the markets are doing. Nevertheless, underlying, there's some structural improvements in our wealth offering. One, we're pushing this democratizing wealth idea, which is offering wealth management products into the retirement planning base, and that's continued to do quite well. At the end of the first quarter, we had about SGD 800 million in AUM from our retail digital portfolio and our regular savings plan. That's almost 15%, 20% of the wealth product income today. That's quite steady. We're also seeing upside from the digital take-up of wealth products. In the first quarter, whether it is equity or unit trust, the people using digital platform to trade with us grew substantially higher than the offline. I think that's also structural. I think that will stay. Finally, we've continued to change and bring some more annuity product stream, like our discretionary portfolio, as well as our barbell account, et cetera. We call these core products, and the core products have doubled in the course of the last 12 months. That gives us a slightly better degree of resiliency in the wealth management fee income space. Now, having said that, all of this still can get overturned if the markets turn south, but net net, I'm relatively optimistic about this. The other area where we've seen structural improvement is in treasury markets on the customer side. Obviously, we're helped by the markets. The markets have been generally kind. On the customer piece of the income, again, the three areas that our efforts over the last year or so are paying dividends, and that's also to do with transformation and digitization. One is in the distribution setup. I've indicated before that we've been distributing our treasury products into our customer base more and more electronically and in fact, more and more embedded, whether into our payments products, into our APIs, into our various other forms. That's helping. We're getting good volume growth from there. The second is use of data. We've been increasingly being able to use analytics and data mining to target our customers better. I think that's helping. Finally, we've also been doing a lot more of AI-driven algo and trading both for sentiment and for trading our positioning. I just think structurally, in the past we used to say that our T&M business is good for about SGD 225 million a quarter. I think the structural changes in the business will be probably closer to SGD 250 million a quarter now. Of course, the first quarter was exceptional. It was double that. I do think there's some structural changes in treasury which are helping as well. The outlook on expenses, Lakshmi Vilas is obviously just an add-on, that's about a couple of percentage points of growth. Ex Lakshmi Vilas, we will see some pickup in expenses, partly to support the much stronger business activity that we had predicted. Partly, I think we're going to see some wage pressure. Our bonuses will have to go up and some wage adjustments are likely to be made. Net-net, we think our costs, therefore, will probably be three to four percentage points up over the 2019 level, which is what we were using as a benchmark and baseline. If we go to slide four, the outlook on the asset quality is also looking very encouraging. As Sok Hui pointed out, our overall portfolio in the first quarter surprised on the upside. Our delinquencies are staying really low. If you look at the various moratoriums, the housing loan moratorium in Singapore, out of the SGD 5 odd billion, most of that has now come back to regular. I think there's some 300 odd customers, let's say SGD half a billion, which has got extended moratorium, but the delinquencies in that are negligible. If you look at the SME book in Singapore, again, we started with about SGD 5 billion in moratorium. That was down to about SGD 1 billion at the year-end. SGD 700 million came off moratorium at the end of the first quarter. We only have four weeks of data, but in the four weeks, we're not seeing any significant pickup in delinquencies in that SGD 700 million. What's left in moratorium is now about SGD 400 million, which will come off in the end of June. So far I'm encouraged. We're not seeing the pickup in delinquencies and cost of credit in these loans coming off moratoriums in the SME space in Singapore. If you look at the other piece in Singapore, we obviously have another SGD 5 billion odd of the government supported programs, the ESG loans. Again, our risk on that is only 10%. The government bears 90% of the risk. The future in that still remains to be seen. Half of those customers are paying principal and interest, half of them they're only paying interest. We'll only know in the second half of the year what the delinquencies on that portfolio look like. Like I said, it's 90% government backed. Finally, the moratoriums we had, the biggest moratorium chunk was in Hong Kong, where we had about six and a half billion. At year-end, that was down to about SGD three and change. Now it's down to about SGD 2.8. Of that, a chunk of that is large corporates. I'm reasonably okay with that, but about SGD couple of billion of that is SME. There, the outlook is going to be unclear for a longer period of time because the Hong Kong authorities have extended that moratorium now well into 2022. Therefore, that part of the book, we just have to keep an eye out and watch. Nevertheless, when you put all of that together, it's quite clear that the delinquencies in all of these portfolios are not coming at anywhere near the levels that we thought they might. There might be some upside on that. Second, the new NPA formation is very low. Like I said, across the board we're seeing pickup in economic activity across sectors, and so we're not seeing a deterioration in our NPAs. That's actually quite good. As you've noticed that from an allowance standpoint, we saw a significant reversal in our general provisions. Now, our general provisions, which is SGD 4 billion, comprise two things. The largest chunk of it comes from our models, and then there is another smaller component that was what we call a management overlay. That was for things that we thought the model wouldn't pick up, like the moratorium, et cetera. The reversals in the first quarter have all come from the models. We've actually not had to dip into the extra money, extra reserves we've kept aside. We just continue to see what happens to the moratorium before we touch that. The improvement in the model reserves just show that overall the portfolio is improving. The improvement came from both. It came from an upgrade of names, so some names which we thought were going to be weak have actually improved. They came from a repayment of some monies. I think many companies are being able to raise money in the bond market, so some of our exposures got paid down and paid back. In the consumer space, they came from an improvement in the flow rates. Overall, the reversal in GP just reflects an improvement in the portfolio quality. As we see looking ahead, as I said, fully allowance are likely to be below SGD 1 billion. We guided about SGD 1 billion earlier. I think I'm pretty confident it'll be below that. How much below that is still difficult to say. Like I said, overall, it's looking relatively promising. All right, I want to shift to a second theme, not just the outlook and results. Somewhere in the early part of the pandemic, in the summer, we decided that there might be an opportunity for us to do a few things to help us emerge stronger from the pandemic, see if we could use the pandemic to reposition the bank and gain some opportunities for the future. We've actually got 12 different things that we're trying to do. Broadly speaking, they fall into these three categories. One, we figured this is an opportunity to look for some inorganic expansion. We said before that we're always open to bolt-on deals if we think they make sense. We figured that this is an opportunity for us to build some new lines of business, and this is principally leveraging our technology capabilities. It's been quite interesting to me over the last year or two how many people are willing to coming to us and asking us to leverage the technology capabilities we built in the last five, six years, and we figured there's an opportunity to try and monetize some of this. More generally, I'm convinced that a big opportunity is to be part of the new digital infrastructures that are going to come into place as the world progresses down this digital trend. I sometimes think that people often joke about this. We think about the Gold Rush. The people who made the most money in the Gold Rush were not the gold miners. They were the people who sold the picks and the shovels. I think there's an opportunity really for somebody with good technology capabilities to provide the infrastructure and the picks and the shovels of the new world, and that's what we're trying to do as we think about the new businesses that we can leverage and build. Third, obviously, we figured that again, given our digital strength, there were some businesses that we could step on and accelerate. In the slide, I've listed some of the things that we've already announced. There's some that we haven't. I have a slide each in the first five but let me just quickly touch on retail wealth and supply chain because I don't have a slide on those. Retail wealth I spoke about earlier. This is a Robinhood phenomenon to my mind. Given the mass take-up of wealth products in the mass market, if you have the right digital platforms and the right digital product suite, I think you can do well. We've doubled down on this, and as I said before, today 15%-20% of our wealth products are really going into this space. I'm actually quite pleased with that. We are going to continue to push on that. On supply chain, I've talked about before, as people are digitizing the supply chain, the fact that we have all of these API protocols and we have a very efficient ability to plug into, whether they're anchor-driven supply chains or industry supply chains or platform-level supply chains, that's proving to be very beneficial. It's helping us drive significant volume in our cash and trade businesses and our flow activity. I think some of that is also reflected in the big CASA growth we're getting from the corporate side. I'm not going to talk about those two but let me take the rest very quickly. The first, as you know, we did Lakshmi Vilas. I'm pleased that the integration of Lakshmi Vilas, it's page six, is going quite well. At this point in time, we stabilized the business. The deposits started going up. CASA was up 14% for the quarter. We've done this while rationalizing deposit costs, so we've dropped the overall cost of deposit by 40 basis points, and that's already beginning to drive some improvement in the economics. We've started picking up the asset base again. Gold loans were up 4% for the quarter. We've revised and changed the underlying journey and system for the SME and medium and small-term loans. We've centralized the credit process for that, so we've overlaid the DBS credit thinking around that SME area. We're being a little bit more careful on that, particularly given the new pandemic pickup in India, so we've gone slightly slow. Overall, the key business metrics are looking good and they're consistent with what we looked at in the fourth quarter when we decided it was a deal worth pursuing. There were concerns earlier about the possibility of asset quality in Lakshmi Vilas. Actually, even the asset quality is looking relatively good. It's consistent with what we thought we would see. The legacy, as you might remember, we brought on SGD 212 million of net NPA onto our books when we did the deal. That's actually shrunk a little bit because we were able to get some recoveries. We're also getting some recoveries on previously written-off loans. We've been able to actually focus very hard and do that, so that's been a little bit of upside. Some of the portfolio we knew was weak and we expected to go into NPL, has indeed gone into NPL. The additional SPs we needed on that were not large, and we were able to reverse them from the general provisions that we had taken in anticipation when we did the deal. Next slide, please. We will ask is tracking. Tracking relatively well. We're not seeing too much stress on any dimension right now. I think it will still take us the next few quarters to start actually making the acquisition sweat. We have a full team in there working quite assiduously to try and make that happen. If I go to the next slide, the Shenzhen Rural Commercial Bank. This we just learned recently. It's a smaller stake. It's a 13% stake, but it's obviously a much larger bank. The interesting thing about Shenzhen Rural Commercial Bank, if you look at the bullets, one, it is a complete private bank. It's been operating since 2005. It's only in Shenzhen. It got a license as a rural commercial bank, but if anybody's been to Shenzhen in recent years, you know there's not too much rural going on in Shenzhen. Therefore, the bulk of that business is like any other bank business. It's got a very good retail base. It's got a very good solid SME base. It's got a slightly upmarket wealth base. It is professionally managed, and it is widely held. If you look at the shareholder base of the bank, it's some 32,000 individuals and a significant number of SMEs. The largest three shareholders each own about 5% of the bank, and then the employees own a chunk of the bank. At 13%, we are going to be the single largest shareholder of the bank, and that gives us a degree of influence in that bank, in the activity. As you can see from the numbers on the right, the bank's performance has actually been very good. Its net profit after tax has had a CAGR of 11% in the last five years. Its NPL ratios are quite tight. Its ROE is good, it's been 17%, 18% ROE over the last five years, and its capital adequacy is actually quite strong. Altogether, it's actually a nice, neat little bank. If you look at the next page, it points to the three fundamental things I think this bank and this deal does for us. Number one, it's clearly an attractive economic investment. If nothing has happened, it just seems to me that having a 13% stake in a franchise that is well-managed, delivering high ROE, is actually quite attractive. The way the capital treatment works for us is we do equity accounting, so we take 13% of the income and straight add it to our income. That's about SGD 100 million-SGD 110 million to our bottom line. Whereas from the asset side, we really do risk-weighted asset accounting on our investment. Our SGD 1 billion of investment actually translates to RWA of about SGD 3.5 billion, which is about SGD 350 million-SGD 400 million of equity. On a usage of equity, this is like a 25% return on allocated equity, if you will. It's actually quite an attractive economic investment in and of itself. Also, as this bank grows, at some stage, the intention is it will IPO, hopefully there is some upside over there. The second big upside we have is the opportunity to help build both the Shenzhen Rural franchise as well as our franchise. Shenzhen Rural is the size where it's now beginning to want to go international for many of its customers. Its customers are looking for services in international trade. They're looking for services in international FX. Some of the customers are getting to a stage where they want to do IPOs, increase their capabilities, and the bank was very keen to try and start digitizing. That's one of the reasons why they find us an attractive partner. We bring digital capabilities and we bring international capabilities, international presence, and some capital markets capability. The flip is true. As we are trying to build out GBA and make it an increasingly important part of our franchise, for us, the supply chain and going down the supply chain is very important. Shenzhen Rural Commercial Bank's customer base gives us a really good opportunity to go deep into the first, second, and third tier of the supply chain of our large anchor customers. I do think from a business synergy standpoint, it is a win-win on both sides, and I think it will be value accretive both to Shenzhen Rural as well as to DBS. Finally, the third big upside, of course, as we all know that the Chinese regulations have changed, and they're now open to foreigners owning even 100% of a local bank. As this bank continues to grow, it is going to continue to need capital. I already mentioned at some stage it'll probably IPO. As it continues to need capital, I do believe that we have the opportunity to continue to increase our position in this bank, given the regulations and the need for capital the bank has. Altogether, I think it's a really good platform for us. It's accretive from day one, and that's a great place to be. If I move to the next slide, the new businesses. I said we're focusing on how do you build out digital infrastructures which allow us to improve our position in the new economy. The DBS Digital Exchange, as we announced the last time. The first quarter has been steady. As you know, our digital exchange capabilities are much like Coinbase. Coinbase, of course, listed at levels we all know. Difference is that Coinbase is mass market and retail, and we're being very judicious. We are approaching this as wealth proposition for accredited investors and for professional institutional counterparties to start with. Despite this and despite the careful way in which we are expanding the business, the first quarter numbers have actually been quite encouraging. We have about SGD 80 million of assets under custody today. We've got 120 wealth customers with a pipeline of customers is 100 more. We're just being careful about who we add on. We've got SGD 80 million under custody. The total trading volume has gone up by 10x. We're doing about SGD 30 million-40 million of trading. We are going to do the first securities token offerings, we hope, in this quarter. So far it was only the crypto trading capability, but the STO is going to start. We are also going to expand the timings of the exchange from Asian working hours to 24/7. I'm actually quite optimistic that the coming quarters and certainly the second half of the year will see us start getting a lot more traction with this business. We go to slide 10. This we announced just last week. We've set up a technology company together with JP Morgan and Temasek, to focus on trying to see if we can create a platform to change the way cross-border payments and settlements work. As you all know, the problem with cross-border payments and settlements has always been a T plus two problem. Your message to the beneficiary goes in real time, but the settlement goes through hub and spoke. It goes through the sender's correspondent bank, and then goes to the receiver's correspondent bank, and then finally goes to the beneficiary. Today with leveraging blockchain, you can actually change that whole paradigm. You can actually convert your money into effectively fiat money, digitized money, and you can send it across so the settlement happens as soon as the original message reaches. You can also program this. Because you can program this, the actual settlement can be programmed to happen if conditions one, two, three, four happen. That's very powerful. It changes the latency of the process, but it also changes the capacity to program the way instructions get done. Our plan along with JP Morgan and Temasek is to make this an open platform, so it's not a closed platform. Whilst we are launching the tech company, the underlying operating hubs will be many. In the first instance, we're doing Sing Dollar and US dollar, converting into fiat money. We are actively looking to bring in banks so that other currencies, euro, sterling, RMB, et cetera, all become part of the system. If we can do that will give us essentially the ability to be an important part of an infrastructure that could actually be game changing for the way payments happen. If you look at the upsides to us, obviously, being part of a financial infrastructure is helpful. There might be some value in infrastructure over time. It certainly helps us with our own customer value proposition. We think we can go to our clients and provide them a completely different way of doing not just money transfers, but also doing other things. The DVP, the delivery versus payment, the payment versus payment, the FX market, the securities market. We think all of these can be reimagined with this construct. Finally, the third thing it gives us is what I referred to before. We have been able to take some of our technology that we have built and actually license this to the new company. It does give us a new revenue stream from software or technology services if you will. Like I said, if you watch this space, we continue to look for other opportunities to do similar activity where we can effectively use software as a service to build a new set of revenue streams for ourselves. The last one I want to talk about was the security joint venture. We announced it in September. We got approval in September. As you can see from the right-hand side, we have 51% ownership. The other 25% is by SOE, which is controlled by Shanghai SASAC. 24% is by SOEs controlled by the Shanghai Huangpu District. We do have an option to purchase back from the SOEs in years. The approval was in September. The legal incorporation happened in due course in January. All our on-site inspections by the regulators were completed in March. We've been able to put in all the infrastructure. The technology is in place. We've hired the team and the people. We have about 100 headcount in place at this point in time. We're just waiting on the business license to be issued to us from the regulators post-inspection, and we expect to get that anytime in the next few weeks. We're quite optimistic about this business because obviously the two-way flows in and out of China expanding. Already, even without this entity, our focus on the institutional investor space and the custody space in China has been paying us rich dividends. We think with this entity, we'll be able to accelerate that business and activity to a different level. Let me stop there. Gives you a good sense both for our view on the core business, as well as some of the things we're trying to do so that we can reposition the bank to emerge fundamentally differentiated and much stronger from this crisis in the coming years. Okay. We'll now take questions. Thank you, Piyush. Anna, over to you. Thank you. Ladies and gentlemen, we will now begin our question and answer session. If you would like to ask a question, please press zero followed by one on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press zero followed by two. Again, that's zero one on your telephone keypad now. Your first question is from Rebecca, who's from S&P Global Market Intelligence. Your line is now open, Rebecca. Please go ahead. Hi. Good morning. I've got two questions. First, I was wondering, do you think the allowance write-back is too early, and do you expect more write-backs this year? The second question is, how do you view your NII panning out for the rest of the year as rates stay low? Do you expect NIM to stabilize at current levels, or do you expect a further rise or fall? Thank you. Great. Thanks for the question, Rebecca. On the allowance write-back, I was actually careful to point out that we have two categories of allowances, one which are driven by models, and the models reflect effectively what is happening in the market. There is another component of about SGD 1 billion, Sok Hui pointed out, which we created as a separate management overlay for things like the moratorium and other uncertainties. The second category, I said we are not touching because we think it might be too premature to start writing that back before we know what is happening. The model-driven outcomes, we can't control. The model-driven outcome just reflects what is happening to the underlying portfolio. If there's an upgrade of accounts, companies start performing better, which happens. A chunk of that reversal is because these companies have improved their performance. If the exposures in some names reduce, that's happened because some of the weaker names have paid us back, then the model just churns out a number, and the number is what the number is. The auditors won't let you actually change that number very much. The broader question is, what is the outlook on allowances? I do think that the overall prospects for the portfolio are looking better than I thought even three months ago. Moratoriums are looking better. The sectors are looking better. We are not seeing weaknesses in any particular sectors. Our consumer flow rates are looking better. I would not be surprised if we actually wind up seeing reversals this year, which I had not anticipated three months ago. The second question on NII. Our NIM guidance we haven't changed. We said earlier that we think we'll be somewhere between 145 and 150 basis points on NIM. We think that's likely to be the case. There's still a couple of headwinds on NIM. One is that rates are still coming off. HIBOR came down to nine basis points. Libor came down to record lows. That is still a little bit of a challenge. While the Sing Dollar rates have been holding, the Hong Kong and the US dollar Libor rates have been creeping down. The second challenge, obviously, we still have a residual portion of our fixed rate portfolio, which has still got to reprice, and that reprice will continue to trickle in through the course of this year. That is a second headwind. There is a little bit of upside, and the upside obviously comes from the fact that the longer end of the yield curve is picking up, and so you have the opportunity to put on some duration. We're a little cautious because I'm concerned that you might actually see some massive inflation steepness at the very long end. I'm reluctant to go to the 10-year level. In the belly of the curve, there is some pickup, but not a lot more. When you put all of that together, I think our guidance of 145- 150 NIM, I think is still relatively safe. Thank you. Thank you, Rebecca. Your next question is from Chanyaporn Chanjaroen from Chanjaroen. Your line is now open. Please go ahead. Hi, Piyush. I have three questions. The first one, are you interested in Citibank consumer assets in Asia? Do they have any appeal to DBS? Second question, given the recent Huarong fallout in China, is DBS reducing exposure to Chinese SOEs? Third question, please could you comment on the property market in Singapore? Do you see a need for cool down measures? Thank you. Sorry, do you say again? Cool down measures. Cooling measures. Okay. Chanya, on the first one, I have to tell you, as you know, I spent 27 years at Citi, right from the mid-80s when we launched our consumer business, I've been very interested in Citi's consumer business and assets. If your question is to do with DBS, that's a different question. Joking aside, as we said before, we are always open to looking at assets that could be incremental to our franchise. Certainly in countries where we do have a franchise, we will take a look at those assets. I think the process hasn't started yet. It'll start in due course. We know that when we did the ANZ deal, that was actually quite beneficial to us. It gave us scale. It was very accretive. Yeah, in due time, we will take a look at them. I also want to hasten to add, though, that I've said this several times before, we're very disciplined. The economics must make sense. We must make sure that we have the capacity to be able to do it, and so on and so forth. If it winds up to be a skirmish in a bidding frenzy, then you might not see us in the middle of that. On the Chinese SOEs, we've actually been quite circumspect with our Chinese SOE management now for several years. We stopped actually relying on state support in our credit assessment five, six years ago. We think of the Chinese SOEs on a standalone basis. We apply all our standard credit assessment and judgment in dealing with them. Therefore, at this point in time, we've not had any reason to tighten up or reduce exposures to any Chinese SOEs precipitously. Obviously, in different sectors, we've been quite thoughtful about managing our exposures, but that's been now for the last two, three years, so there's nothing precipitate at this point in time. Finally, a question on the Singapore property market and measures. Frankly, your guess is as good as mine. I don't really have a good sense for what the authorities might think and do. It is a fact that housing loan bookings have been at record levels, and I do think some of it reflects people's view that you might see some cooling measures, and so people are trying to get ahead of that, but I don't have any further insight other than that. Thank you, Piyush. Thank you. As a reminder to our participants, if you would like to ask a question, please press zero followed by one on your telephone keypad and wait for your name to be announced. If you'd like to cancel your request, please press zero followed by two. Again, that's zero one on your telephone keypad now. Once again, ladies and gentlemen, that's zero one on your telephone keypad if you would like to ask a question. Okay. If there are no further questions. Okay, we have one from Vivien from The Business Times. Anna, could you let her in, please? Yes, of course. Vivien, your line is now open. Please go ahead. Hi, Piyush. This is regarding the Shenzhen bank acquisition. I'm wondering what this means for your Greater Bay Area strategy and if you could share more details on DBS market share and penetration it has in that particular region. My second question would be on updates on the bank's review of physical office space requirements and whether it plans to reduce its physical footprint. Thank you. We've actually previously announced that the GBA is a big part of our agenda and strategy. We're not that dissimilar to several other banks who also see that as a big opportunity. For us, leveraging our Hong Kong franchise as well as our presence in China has been beneficial. We've been focused on this now for two, three years, and it's actually giving us very good traction. Our growth rates there are substantially higher than the growth rates in the rest of China or the rest of Hong Kong. We're doing that by really focusing on both the new economy sectors but principally leveraging the supply chain connectivity as you go down. Eventually, as the Wealth Connect opens up, we'll obviously look at that as well. From that standpoint, the Shenzhen Rural partnership will be very beneficial because they bank some 250,000 SMEs up and down the entire system, and which gives us the ability to go deep into supply chains. Leveraging our digital tools and capabilities and working in partnership with them, providing those digital capabilities into that customer base, I think will be extremely helpful. Like I said before, I think we can also provide them a lot of other international services for their customers. I think that this 13% ownership and partnership can actually be quite a game changer for us in terms of expanding our franchise in GBA. Your second question on property space, we said earlier that when [uncertain] announced our Thinking About the Future of Work, that we're giving our employees the flexibility of working from home up to 40% of the time, two days a week or alternate weeks or something like that. As we do that over the next five, six years as our various leases come up, we anticipate seeing a reduction in our overall requirement by about 20%. We won't see full 40%, we'll see about 20% because we're reshaping the offices to promote more celebration, more participation, more collaboration. We will see some reduction. We already announced giving up some space in Hong Kong, some space in Singapore, and that's part of that thinking in that plan. Thank you. Thank you, Vivien. Our next question is from The Edge. Your line is now open, Gulnaaz. Please go ahead. Hello. Hi, Piyush and Sok Hui. Thanks for the briefing, and congratulations on your very good results. Can you hear me? Yes. I have, I think, three questions. The first one is that I think you said you have SGD 4 billion in GP. What is the portion of your management overlay versus what you can write back from your MEV model? That's the first question. That's for this year, for 2021. The second question is, does your CET1 include the acquisition of the Shenzhen Rural Commercial Bank? The third question is, can you do an update on the progress of digibank in India and Indonesia? Have the new Singapore digital bank provided any competition to you yet? Those are the questions. Thanks. Why don't I let Sok Hui take the first two questions on the breakup the allowances and the CET, and then I'll make some comments on the digibank. Yeah. Your first question on the management overlay, it's about SGD 1.3 billion. We also told you that we are SGD 1 billion above the MAS requirements. Unless we are prepared to kind of take a hit on the CET1 ratio, you should assume that maybe we would sort of cap it at about SGD 1 billion. The pace will depend on sort of the progress, as Piyush has mentioned. I see consumer banking, the more local situation, would free up sort of the GP first in the locations in consumer banking, followed by SMEs when the moratoriums taper off. For the larger corporate, we'll have to sort of monitor sort of the social and economic situation as the borders open. CET for Shenzhen CET1. The Shenzhen, at the time when we announced it, we said it will be a 0.2 percentage point impact. It's roughly 0.16 percentage point. It's not big. Gulnaz, your third question on digibank in India and Indonesia. In India, in both countries, by the way, we've been going slow on the asset side of the balance sheet. A large part of our thrust from last year was to use the digibank to do more unsecured lending. The environment has not been conducive to do that. We've deliberately slowed down the asset side of the balance sheet, particularly in India. On the liability side, the consumer side is continuing to do well. It continues to do slightly better in Indonesia than in India, interestingly. Partly it has to do with the last mile interfaces and the fact that the COVID comes in the way of that. Nevertheless, we're seeing steady progress. It's not earth-shattering, but we're seeing steady progress. In Singapore, as you know, nobody's actually launched any digibank yet. I don't think it'll happen till 2022. No, we're not seeing any impact at this time. Yes, thanks. Okay. Thank you. Thank you, Piyush. I'm afraid that's all we have time for today. Thank you, everyone, for tuning in. The next briefing is the analyst briefing. That will start at 11:30 A.M. Thank you. Thank you.