DBS deal to bring banking back to Singapore post offices
Singapore Post has formed a major partnership with the largest bank in south-east Asia, which will see basic banking services offered at all Singapore post offices from January. The alliance with DBS Bank is the first ever tie-up between SingPost and a bank, and will see the bank’s retail outreach within the city-state expanding from 80 branches to 140.
The banking services will be available to DBS customers and POSB customers at post offices will include cash withdrawals, cash deposits and the opening of savings accounts. Corporate banking customers will also be able to deposit cash bags in four SingPost outlets.
The deal with DBS bank will mean a return for customers of POSBank to Singapore’s post offices to carry out basic banking services. POSB was acquired by DBS Bank in 1998 following privatisation, having started out as the Post Office Savings Bank, part of the Postal Services Department, in 1877.
The two companies said the partnership will mean greater convenience for both DBS and SingPost customers.
Loh Choo Beng, executive vice president for retail and financial services at SingPost, said the link-up with DBS was part of his company’s bid to transform, to stay relevant and close to its customers.
“This collaboration with DBS is another effort to provide a higher level of convenience to our customers,” he said.
“By making basic banking services available at our counter, we give our customers a choice to have their banking needs met as they come to us to buy stamps, pay bills, remit money or complete other transactions.”
DBS has four million customers and the largest retail network of any bank in its home nation of Singapore.
Jeremy Soo, the DBS managing director and head of consumer banking group in Singapore, said the partnership with SingPost would mean greater banking convenience for his customers.
“In January, we partnered with SingPost to offer new notes exchanges during Chinese New Year at selected post offices. I am extremely pleased to see this relationship deepening further now, to bring banking services to our customers at all SingPost’s outlets,” said Soo.
