A part of DBS, POSB has served generations of Singaporeans for over 130 years. It is affectionately known as the “People’s Bank”, and prides itself on being “Neighbours first, bankers second”. Since the 1960s, POSB has been reaching out to children, and inculcating in them the value of saving. In 2010, for the second year running, POSB held a charity run which raised SGD325,000 to help needy children in Singapore. Some 5,500 participants, including 3,500 children, took part in the POSB Run for Kids 2010.
Since 2009, POSB has teamed up with the Council for Third Age, an independent organisation which promotes active ageing in Singapore, to address the financial needs of baby boomers and older Singaporeans. Under the partnership, the two organisations leveraged on each other’s expertise and network to provide financial products and services, as well as relevant programmes, to help those who 45 years old and above be financially prepared for their later years.
Initiatives rolled out include the POSB Active Neighbours programme, where senior Singaporeans are recruited to assist other seniors with their banking transactions at POSB branches, and to educate them on the use of self-service banking machines. In addition, seniors can also benefit from a series of financial literacy and rewards programmes which include dining and travel privileges.
In May 2010, the two organisations also jointly launched the POSB ACTIVE Card, the first debit card with cashback features in Singapore designed to enhance the lifestyle of mature consumers. As at the end of 2010, over 77,000 seniors had signed up for the POSB ACTIVE Card.