DBS/POSB expands banking footprint in Singapore with POSB Cash-Point

Singapore, 05 Nov 2015 - DBS Bank today announced further expansion to its network of withdrawal touchpoints. Customers are now able withdraw up to SGD200 in cash at all Cold Storage, Market Place, Jasons and Giant stores in Singapore. With this expansion, DBS/POSB has effectively increased its POSB Cash-Point locations to around 800 islandwide. Together with DBS/POSB’s ATM network, the bank now has nearly 2,000 withdrawal touchpoints in Singapore – the most for any bank.

Named POSB Cash-Point, the complimentary service allows customers to withdraw up to SGD200 (in multiples of SGD10) with any item purchase, using their DBS/POSB debit or credit card linked to a savings account. POSB Cash-Point is already available at Guardian Health & Beauty, Sheng Siong and 7-Eleven stores in Singapore, where customers can withdraw up to SGD100. With DBS/POSB’s latest partnership, POSB Cash-Point has effectively broadened its retailer mix to include supermarkets– a key shopping stop for most customers. For the months of November and December, the first 10,000 customers of each month to withdraw SGD200 or more via POSB Cash-Point will also have an additional SGD10 credited into their accounts.
 
POSB Cash-Point began in July 2013 when DBS/POSB first announced its partnership with 7-Eleven, allowing customers to make withdrawals at over 400 stores islandwide. This was then extended last year to more than 170 Guardian Health & Beauty and Sheng Siong stores. Customer adoption of POSB Cash-Point has since seen rapid growth. The average number of POSB Cash-Point transactions every month has risen by 115% since 2014, with the average customer withdrawing SGD50 per transaction. The average monthly amount of cash withdrawn via POSB Cash-Points has also grown by 56% since last year.
 
Since 2011, the bank has also formed strategic alliances with organisations such as SingPost to extend banking beyond traditional touchpoints. Customers are able to withdraw up to SGD5,000 at SingPost outlets and over 63,000 transactions were conducted at SingPost outlets from January to September 2015, up 8% compared to the same period last year.
 
Mr. Jeremy Soo, Managing Director and Head of Consumer Banking Group Singapore, DBS Bank said, “Ensuring our customers have convenient and easy access to our services is of paramount importance to DBS/POSB. As we ramp up our digital banking capabilities, we also recognise that our customers value having a ready withdrawal touchpoint nearby when they need cash. With the aim of making banking as convenient as possible, we have chosen to partner with places frequently visited by our customers so the act of withdrawing cash is integrated with part of their daily journey. With POSB Cash-Point, customers need not go out of their way to withdraw money. They can simply make their usual purchases at one of our partners’ stores and withdraw cash in the same transaction – it’s a quick, easy and seamless process.”
 
Mr. Ruald Swart, CEO of Giant said, “Giant is always looking for ways to add value to our customers when they shop at Giant, be it in terms of savings for their shopping, or services for their convenience. By joining POSB Cash-Point’s network, our customers can now conveniently withdraw cash after they have paid for their groceries, without having to spend time searching for the nearest ATM and queue again, thus saving time for them as well. We are very pleased to be part of this wide network that enhances our customers’ shopping experience with this value-added service.”
 
Mr. Steven Lye, Chief Operating Officer of 7-Eleven said, “As the first convenience retailer to partner DBS/POSB in the Cash-Point initiative in 2013, 7-Eleven introduced yet another convenient service for fast cash withdrawal at its network of over 400 stores island-wide on a 24/7 basis. This expedient service has been very well received by customers and we look forward to working with DBS/POSB on other innovative services to bring more convenience to our customers.”
 
Currently, DBS has the largest base of online banking customers in Singapore with more than 2.2 million iBanking users and 1 million mBanking users. DBS PayLah!, a mobile wallet introduced in May 2014 to make peer to peer payments easier, now has more than 240,000 registered wallets. In October 2014, DBS also introduced SMS Banking to its comprehensive suite of mobile banking offerings, allowing customers to perform simple banking transactions including checking account balances, performing card payments and fund transfers to their own accounts outside of the internet banking environment. Adoption of this service has been on a steady rise, and the bank has received close to 1.3 million SMS Banking enquiries since its launch.
 
To find out more about POSB Cash-Point, visit www.posb.com.sg/cashpoint.

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DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for seven consecutive years from 2009 to 2015.

DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

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