DBS expands banking touchpoints in Singapore

Singapore, 06 Nov 2014 - DBS Bank today announced further expansion to POSB Cash-Point, providing customers with more convenience to make cash withdrawals at all Guardian Health & Beauty and Sheng Siong stores in Singapore. With this expansion, DBS/POSB has now effectively increased its withdrawal touchpoints to close to 2,000 islandwide which is the most extensive in Singapore, further solidifying its presence in town and in the heartlands.

With any item purchase at more than 140 Guardian Health & Beauty and over 30 Sheng Siong stores in Singapore, DBS/POSB customers are now able to withdraw up to $100, in multiples of $10. Customers can enjoy the complimentary service using a DBS/POSB debit or credit card linked to a savings account. From now till the end of the year, the first 500 customers every day who make cash withdrawals at these stores will also have an additional $5 credited into their accounts.

In July 2013, DBS/POSB announced its partnership with 7-Eleven, allowing customers to make withdrawals at over 500 stores islandwide. The implementation of POSB Cash-Point has seen strong traction with an increase of close to 50% from the previous year in withdrawals made at these stores.

Since 2011, the bank has formed strategic alliances with organisations such as SingPost to extend banking beyond traditional touchpoints. Customers have also taken to these channels and over 40,000 transactions were conducted at SingPost outlets in the first half of 2014.

Mr Jeremy Soo, Managing Director and Head of Consumer Banking Group Singapore, DBS Bank said, “At DBS, we are committed to placing customers at the heart of the banking experience. While we have seen increased usage of online banking and mobile payments, we also understand some of our customers do have cash needs and our physical banking touchpoints remain an important part of our network to fulfill these needs. Over the years, through our strategic partnerships, we have increased our presence across Singapore to make banking even more convenient for our customers.”

Currently, DBS has the largest base of online banking customers in Singapore with more than two million iBanking users and 850,000 mBanking users. DBS PayLah!, a mobile wallet introduced in May this year to make peer to peer payments easier, now has more than 180,000 registered wallets. In October, 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.

[End]

About DBS
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 250 branches across 17 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 six consecutive years from 2009 to 2014.

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.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 21,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com