In addition, he served as Chairman of the Development Bank of Singapore (DBS) (1970–1979, 1985–1990), Great Eastern Life Assurance (1992–2000) and The Straits Holding Company (1992–2007).
In the last year of his presidency (1998) Ong found out through the newspapers that the government aimed to submit a bill to Parliament to sell the Post Office Savings Bank (POSB) to The Development Bank of Singapore.
As part of deregulation and reform of its financial and banking sectors, Hu oversaw the privatisation of the government-run Post Office Savings Bank (POSB) and the sale of POSB to the Development Bank of Singapore (DBS) in 1998.
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