DBS/POSB commits SGD 10 million to help Singaporeans manage cost pressures and fortify business resilience

From August to December, consumers can get more than three million cashback redemptions for everyday items

SMEs to receive more support to accelerate AI adoption and strengthen their resilience through more guidance and wider access to AI solution providers

From August to December, the bank will offer consumers more than three million cashback redemptions for their purchases made via DBS/POSB cards and DBS PayLah! app in hawker centres, heartland shops and supermarkets. More details on how customers can redeem the cashback rewards will be announced in July.

For businesses, DBS is expanding support to help local SMEs strengthen their resilience to adapt to a rapidly evolving and disrupted business environment. Through more structured guidance and wider access to AI solution providers, the programme helps businesses overcome barriers to AI adoption and take practical steps to fast track their transformation.

The bank's efforts are aimed at expanding the support to those grappling with mounting cost pressures and come after the Singapore government announced its SGD 1 billion support package earlier this month.

"As the prolonged uncertainty drives up prices, we know that some are feeling the strain more acutely than others," said DBS Singapore Country Head Lim Him Chuan. "Through this support package, the bank is committed to enabling more people to stretch their dollar, while strengthening our SMEs which are the backbone of the economy. As a purpose-driven bank, DBS/POSB is guided by our belief that we are not just present in good times but also step forward when it matters. We hope this gesture of encouragement will go some way in providing practical support to those who need it as we tide over these times together."

What's in it for consumers: More than three million cashback redemptions to defray cost of everyday items

From August to December: Consumers will be getting more than three million cashback redemptions that will help them defray the cost of everyday items such as groceries and food when they use their DBS/POSB debit and credit cards as well as the PayLah! app to pay at hawker centres, heartland shops and supermarkets. These deals will include the SGD 3 cashback at hawker stalls and heartland shops every Saturday.

What's in it for businesses: Empowering SMEs with enhanced AI adoption and business resilience

From Now: Through the recently announced enhanced Spark GenAI programme, businesses will receive advisory and training support - including complimentary workshops by IMDA - tailored to their level of AI readiness. They will also gain access to a wider pool of solution providers through IMDA's Open Innovation Platform, which connects SMEs to a global network of over 16,000 solution providers. DBS has also rolled out the "Implementing AI for Impact" playbook that provides an accessible introduction to AI, helping businesses adopt AI more confidently while fortifying their business resilience.

DBS/POSB's commitment to standing alongside customers and the community

The slew of measures reinforces the bank's longstanding commitment to support its customers and the community. For instance, DBS was the first corporate in Singapore to offer weekly hawker meal subsidies via PayLah! in 2023, as part of the bank's suite of support measures for customers amid rising everyday expenses. Last year, the bank subsidised over SGD 6 million worth of everyday purchases and hawker meals in the heartlands.

The latest measures were announced at a community event on Saturday which was graced by Acting Transport Minister and Senior Minister of State for Finance Jeffrey Siow and MP for Choa Chu Kang GRC Choo Pei Ling.

Jeffrey Siow, Acting Minister for Transport and Senior Minister of State for Finance and MP Dr Choo Pei Ling joining Lim Him Chuan, DBS Singapore Country Head and a team from DBS/POSB during a walkabout at Plantation Plaza in Tengah. Minister was on hand to announce DBS’ SGD 10 million commitment to help Singaporeans defray mounting cost pressures.

(L to R) Jeffrey Siow, Acting Minister for Transport and Senior Minister of State for Finance, Lim Him Chuan, DBS Singapore Country Head and MP Dr Choo Pei Ling completing a payment using DBS PayLah! during a walkabout at Plantation Plaza in Tengah. Minister was on hand to announce DBS’ SGD 10 million commitment to help Singaporeans defray mounting cost pressures.

Today, 50% of payments made via PayLah! Scan to Pay are for food and groceries from heartland shops and hawker stalls. Among those who redeemed the cashback rewards last year, 36% were senior citizens and/or earning less than SGD 2,500 a month. Participating hawkers, wet market stallholders and heartland merchants also saw their Saturday earnings increase by 50% via PayLah! transactions last year, surpassing the 40% growth recorded during a similar cashback campaign in 2024.

About DBS
DBS is a leading financial services group in Asia with a presence in 19 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 Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. 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 and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.

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, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.