DBS (China), a fully owned subsidiary of Singapore's DBS Bank, has launched yuan services on China's mainland, targeting Chinese with assets of more than CNY400,000 ($53,305). Starting first in Shanghai, DBS China will offer a range of yuan deposit services, mortgage loans and general insurance products. Wealth management and investment products are in the pipeline and will be rolled out upon approval from the China Banking Regulatory Commission, the bank said. "This marks an important milestone for DBS China," Teresa Lin, vice chairman and chief executive officer of DBS China, said in a statement. "We are confident our suite of products and services will meet the increasingly sophisticated financial needs of customers in China." As part of its five-year growth plans, DBS China will strengthen its presence in Beijing, Tianjin, the Yangtze River Delta, Fujian and the Pearl River Delta. The lender, Southeast Asia's biggest, will boost its headcount to 2,000 in five years, from a current 400, as it plans to be one of the top five overseas banks on the Chinese mainland, DBS said earlier this year.