After a year in pilot, DBS’ unique online food ordering and cashless payment solution for F&B businesses in Singapore – DBS FasTrack – has now been officially launched. Marking this launch, Koufu, one of Singapore’s leading foodcourts, will become the first foodcourt in Singapore to debut the full implementation of its DBS FasTrack-powered app at shopping mall 100 AM on Tras Street. The public can now order and make cashless payments for their food via Koufu’s app and collect their meals at any of the14 stalls at the foodcourt without queueing – a first in Singapore. Going forward, Koufu plans to implement the DBS FasTrack online food ordering and cashless payment solution across its outlets, starting with some 100 stalls islandwide.
In addition, DBS’ partner Applied Mesh has obtained pre-qualification under IMDA’s enhanced iSPRINT programme, so SMEs can implement the DBS FasTrack online food ordering and cashless payment solution at lower cost. Jointly developed by DBS and solutions provider Applied Mesh, DBS FasTrack can help F&B businesses tackle many of their current challenges such as high operating costs and manpower challenges. It is the first solution of its kind – an online food ordering and cashless payment app – co-produced by a Singapore bank.
Said Mr Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank, “Innovation is the lifeblood of DBS and of Singapore. As we continually strive to create innovations that better our lives and businesses, having the support of IMDA helps in ensuring the sustainability and widespread implementation of such solutions. Their endorsement of Applied Mesh as a pre-qualified solution bears tremendous significance for DBS FasTrack, it affirms our faith that Singapore-borne solutions can tangibly benefit and improve the productivity of F&B businesses here for years to come. Apart from businesses, the solution benefits customers as it completely removes the need for queuing. Designed to provide a seamless ordering and payments experience – DBS FasTrack is easy to use and completely intuitive. We are also excited to be introducing new milestones in Singapore, with the public now able to pre-order and pay for their meals in a foodcourt using an app for the first time.”
Said Mr Chia Hee Meng, CEO and founder of Applied Mesh, “We at Applied Mesh are excited to partner DBS Bank, enabling DBS merchants and customers to order-pay-fulfill seamlessly through the technology we design and build. Customers get convenience while merchants save costs and tap into the spending power of the DBS customer base. DBS Bank also gains a new channel to serve and monetise its merchant and customer base. Over the past few months, we are seeing first-hand how DBS FasTrack is changing customer behaviour and generating repeat and new business for merchants. We believe DBS FasTrack is the game changer that will transform how we eat, shop and live. Applied Mesh is humbled and honoured to be part of the adventure.”
DBS FasTrack provides a seamless ‘self-service’ online food ordering and cashless payments app solution for businesses while eliminating or drastically shortening customers’ wait time. Therefore, businesses in Singapore can use the online food ordering and cashless payments app solution to enhance their productivity and reduce reliance on manpower. In addition, as most SMEs in the F&B sector conduct their operations on a cash basis, DBS FasTrack effectively helps them make a shift to cashless payments by automating payments via a customised app. Customers can enjoy a seamless in-app checkout process by using a secure card-on-file option or the mobile wallet DBS PayLah!.
When drinks outlet Old Tea Hut launched their DBS FasTrack-powered online food ordering and cashless payments app in late May, it saw more than 2,500 downloads in the first two weeks. During the same period, the online food ordering and cashless payments app also provided more than 10% increase in sales for the Marina Bay Link Mall outlet – without additional manpower. After the implementation of DBS FasTrack, Five Star Hainanese Kampung Chicken Rice Restaurant (Five Star Restaurant) saw their takeaway and drive-through order turnaround time reduced by some 80%, as customer orders and cashless payments are now automated by DBS FasTrack.
“We welcome the support of business enablers such as banks and telcos as this could help more local SMEs deploy innovative tech solutions. IMDA will continue to work closely with the industry to help SMEs seize greater growth opportunities and enhance business capabilities through the use of smart technology,” said Mr Khoong Hock Yun, Assistant Chief Executive (Development), Infocomm Media Development Authority.
To celebrate DBS FasTrack’s official launch, customers will enjoy 10% off ala carte orders via the Koufu app which is available in iOS and Android. Other businesses which plan to implement DBS FasTrack’s online food ordering and cashless payments solution in future include Boon Tong Kee, Li Xin Teochew Fishball, Tiong Bahru Bakery, Wolf Burger, Miam Miam, Qi Ji, Aloha Poke, and Food City @ Midpoint Orchard. Together with existing customers Old Tea Hut, Five Star Restaurant, Old Kim Guan (OKG Express) and Koufu, DBS FasTrack is expected to be implemented in some 150 outlets across Singapore by Q3 2017. To find out more about DBS FasTrack, visit go.dbs.com/sg-dbsfastrack.
DBS - Living, Breathing Asia
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 is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been conferred “Asia’s Best Bank” by The Banker and Euromoney, and “Asian Bank of the Year” by IFR Asia. The bank has also been named “Safest Bank in Asia” by Global Finance for eight consecutive years from 2009 to 2016.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. 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 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.