Changes to make it seamless for employers and WP applicantsIn 2011, DBS Bank opened the POSB Account Services Centre for Work Permit holders at Hong Lim Complex to enable DBS corporate customers to conduct bulk account opening for their WP employees. Employers first had to submit an application, and then bring their employees to the centre on the appointed date to complete the account opening.
With this new MOM-DBS initiative, employers can now apply for a POSB salary crediting account when they request for issuance of WPs for their new WP employees via the Work Permit Online portal. Employers will bring their new WP employees to the MOM Services Centre for card registration on their selected appointment. The following day, the WP employees can visit the POSB Account Services Centre for Work Permit holders at Hong Lim Complex to simply activate the bank account and collect the ATM card.
Ms Lui Su Kian, Managing Director and Head, Deposits and Secured Lending, Consumer Banking Group, DBS Bank, said, "Increasing productivity is a key focus for many of our corporate customers. In addition to providing them with institutional banking services such as salary crediting, we are also constantly exploring ways to help them save time. We are pleased to partner MOM to integrate the application process, and to further enhance Singapore's reputation as a business hub." She added that the bank currently serves more than 7,000 customers through the POSB Account Services Centre for Work Permit holders at Hong Lim Complex each month.
To bring even greater convenience to employers, there is no minimum account opening deposit required for the POSB salary crediting account. The account is packaged with an ATM card, which allows the workers to check their account balance and access funds via ATM. DBS has also installed ATMs at Recreation Centres and dormitories to offer more convenient access for the workers. In addition, employers could now use DBS salary credit service to credit salary into the workers’ accounts.
Ms Ong Bee Lee, Director of the Work Pass Business Operation, Work Pass Division at the Ministry of Manpower, said, “MOM has received feedback from employers and WP holders about the time taken and paperwork required using our current system of separate applications. We are happy to launch this new one-stop process to make the WP and bank account opening process more seamless and efficient.”
The MOM-DBS initiative is another in a series of regular enhancements which MOM makes to the work permit application process. For more information, please visit www.posb.com.sg/wp.
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About DBSDBS - Living, Breathing AsiaDBS 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
