DBS continues to take advantage of new rules that let Singapore's banks move into non-financial sectors, launching an online property marketplace.
DBS Property Marketplace is the largest bank-run platform of its kind in South East Asia, offering around 100,000 listings from both agents and owners thanks to partnerships with EdgeProp and Averspace.
The site comes with Singapore’s first home financial planner that helps first-time buyers determine their “affordability” price range based on their monthly cashflow.
It will also offer end-to-end paperless transactions, from cheque-free payments to digital documentation, and tap partners to offer help with things such as setting up utilities, internet and TV services, and cleaning and moving.
DBS is spreading its wings thanks to new MAS rules which allow banks to operate digital platforms that match buyers and sellers of consumer goods and services. The property marketplace comes in the wake of similar services for cars and electricity.
Jeremy Soo, head, consumer banking group, DBS (Singapore), says: "While it is still early days, we believe this represents a paradigm shift for financial services in the future. As the largest bank in Singapore for both consumers and SMEs, we can effectively work in each sector’s ecosystem to partner SMEs and build data-driven customer research and benchmarking tools.
"This allows us to provide one-stop solutions that effectively anticipate our customers’ needs across their purchase journey."