DBS rolls out financial and healthcare solutions to support gig economy workers

Singapore.08 Sep 2020

Bank enhances DBS Multiplier and healthcare insurance plans to safeguard customers’ interests during these challenging times

Singapore, 08 Sep 2020 - Singapore’s gig workers and self-employed individuals can now better manage their savings and healthcare costs with DBS’ recently launched savings and healthcare insurance solutions, aimed at helping this growing segment tide through the crisis.

The solutions include enhancements to DBS’ popular bank-and-earn programme, DBS Multiplier, which makes it easier for those who are self-employed to earn higher interest on their balances. DBS has also boosted its healthcare insurance plans, available on its new healthcare portal, to offer better coverage and benefits to gig economy workers and customers without access to traditional employment benefits or corporate insurance coverage.

These solutions are aimed at bolstering the financial and social protection of self-employed individuals and gig workers, who have been hard hit by the economic uncertainty stemming from Covid-19. DBS has found that only one-third of customers identified as gig economy workers have more than three months' worth of emergency savings. It also found that only 10% of this segment have purchased any form of insurance – whether via DBS or any other financial institution.

Jeremy Soo, Head of Consumer Banking Group at DBS Singapore, said: “Covid-19 has disrupted the livelihoods of many in the gig economy, and it is crucial that we at DBS provide accessible solutions to financially-vulnerable customers that help safeguard their financial and healthcare interests during these challenging times. By tapping on our financial management expertise and working with our healthcare partners, we hope that these solutions will be able to help gig economy workers to continue to save, be protected and have greater peace of mind.”

DBS Multiplier widens criteria to help customers boost savings

DBS recently lowered the minimum transaction threshold and added DBS PayLah! to the list of transaction modes that can unlock a higher interest rate on their DBS Multiplier accounts, enabling customers, including gig workers, to shore up their savings

This means that customers can earn 0.5% interest on the first SGD 10,000 of their DBS Multiplier account balances so long as eligible transactions from their income or salary account and DBS PayLah! exceed at least SGD 500 per month. DBS also widened the definition of income to include informal sources of income, easing the qualification requirements for DBS Multiplier accounts, especially for gig workers who have fluctuating income sources. With these changes, customers get to upsize the interest earned while enjoying the flexibility of paying their bills, ordering meals, taking transport rides, among other things, from DBS PayLah!’s 80,000-plus merchants and service providers.

Previously, customers needed at least SGD 2,000 per month in transactions and were limited to categories such as credit cards, insurance, investments and mortgage loans. University students and National Servicemen also benefit from the other enhancements to the DBS Multiplier scheme, which can be found at www.dbs.com.sg/multi.

Customers are also able to conveniently check their eligible transactions and how much interest they have earned with the DBS Multiplier Bank & Earn Summary on their DBS digibank mobile app.

Greater peace of mind

Customers can get exclusive member consultation rates and other holistic healthcare benefits via DBS’ My Health portal. They are able to sign up for bundled deals that will give them and their family members instant coverage should they fall ill, get injured or undergo health screenings or vaccinations.

DBS and Parkway Shenton jointly launched a membership programme with member rates for GP consultations, health screenings and vaccinations across the medical provider’s over 100 participating clinics or increasingly popular telemedicine services during this pandemic period for every new sign- up of MultiGen Protect Personal Accident Plan, a product underwritten by Chubb Insurance Singapore Limited.

From 17 September 2020, DBS will partner Alliance Healthcare to offer more healthcare bundles, covering a suite of healthcare services across the medical provider’s 600-plus participating clinics.



Quotes from DBS My Health portal partners

Dr Edwin Chng, Medical Director, Parkway Shenton, said: “Parkway Shenton is excited to partner with DBS Bank to provide greater peace of mind and quality patient care to our clients, including the gig economy workers. They will receive a comprehensive range of healthcare services at our chain of facilities located island-wide, hence easing their financial load and allowing them to lead healthier, fuller lives.”

Dr Barry Thng, Chief Executive Officer, Alliance Healthcare, said: “Our Allycare Programme with DBS helps users make sound decisions at important junctures in their healthcare journey and connects them to trusted medical service providers. We believe that our collaboration with DBS is a step towards realising our shared vision of a trusted healthcare ecosystem.”

About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 11 consecutive years from 2009 to 2019.

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 29,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.