SingPost collaborates with ABN AMRO to distribute consumer banking
Singapore Post Limited (“SingPost”) and ABN AMRO announced today a collaboration to distribute PostLine, a new personal line of credit. This is a first of its kind alliance between SingPost and a bank to distribute a personal line of credit. Under this collaboration, SingPost will distribute ABN AMRO’s new personal line of credit, PostLine, at post offices where customers will be able to receive professional financial advice.
The collaboration is part of SingPost’s strategy to leverage its wide retail network to offer high value products and financial services to its customers. The newly launched PostLine will provide another option for SingPost’s customers, expanding the suite of financial services and investment products offered at its post offices.
For ABN AMRO, the collaboration will enable the bank to immediately expand its sales and distribution channel in a cost-efficient manner. SingPost owns one of the largest retail distribution networks in Singapore through its tri-channel platform of 62 post offices, over 250 Self-service
Automated Machines (SAM) and vPost, an internet portal facilitating bill payments and offering online shopping and shipping services.
PostLine is designed with a wide array of benefits, aimed at helping clients save costs and giving them more flexibility in their liquidity and cashflow management. This includes an attractive interest rate of 1.44 pct per month, one of the lowest in the market, and flexibility to use the line of credit to transfer their balances. The unique two-in-one concept of PostLine allows customers to enjoy the lower financing cost with the flexibility of an overdraft. PostLine customers will be able to access
their credit via a cheque book and an ATM card.
Singapore Post Limited (“SingPost”) and ABN AMRO announced today a collaboration to distribute PostLine, a new personal line of credit, bringing greater convenience and island-wide accessibility to customers in Singapore. This is a first of its kind alliance between SingPost and a bank to distribute a personal line of credit. Under this collaboration, SingPost will distribute ABN AMRO’s new personal line of credit, PostLine, at post offices where customers will be able to receive professional financial advice.
The collaboration is part of SingPost’s strategy to leverage its wide retail network to offer high value products and financial services to its customers. The newly launched PostLine will provide another option for SingPost’s customers, expanding the suite of financial services and investment products offered at its post offices.
For ABN AMRO, the collaboration will enable the bank to immediately expand its sales and distribution channel in a cost-efficient manner. SingPost owns one of the largest retail distribution networks in Singapore through its tri-channel platform of 62 post offices, over 250 Self-service
Automated Machines (SAM) and vPost, an internet portal facilitating bill payments and offering online shopping and shipping services.
PostLine is designed with a wide array of benefits, aimed at helping clients save costs and giving them more flexibility in their liquidity and cashflow management. This includes an attractive interest rate of 1.44 pct per month, one of the lowest in the market, and flexibility to use the line of credit to transfer their balances. The unique two-in-one concept of PostLine allows customers to enjoy the lower financing cost with the flexibility of an overdraft. PostLine customers will be able to access
their credit via a cheque book and an ATM card.
In due course, customers will be able to make their monthly payment at any of the 250 SAM situated strategically across Singapore. PostLine is available to customers earning a minimum of S$30,000. It offers a credit limit of up to twice the customer’s monthly income.
To mark the launch, a series of special promotions will be rolled out to all PostLine clients. This
includes:
• An attractive Structured Fund Transfer rate of 2.88% p.a. for six months
• Welcome vouchers worth over S$500 from a range of prestigious merchants for every
approved PostLine application
• Exclusive privileges at SingPost post offices, including 2% rebate on Shop@Post mail order
purchases and special promotions on selected products, for example, special Lenovo
personal computer packages.
