DBS Bank today announced the beta launch of DBS Travel Marketplace, Singapore's first one-stop integrated travel marketplace, in partnership with Singapore Airlines (SIA), Expedia Partner Solutions (EPS) and Chubb Insurance Singapore Limited.
The one-stop solution, made possible by integrating Application Programming Interface (API) technology, offers travellers competitive flight fares, hotel rates and free travel insurance coverage to more than 25,000 holiday destinations worldwide.
Said Jeremy Soo, Head of DBS Consumer Banking Group (Singapore), “With outbound leisure travel trips by Singaporean residents estimated to reach 11.8 million trips by 2020, we wanted to create a hassle-free, one-stop travel solution for frequent travellers. Many spend a significant amount of their time on pre-vacation planning on multiple sites poring over multi-city connecting flights, researching accommodation options, and making sure they have adequate travel insurance. By working with leading partners from the airline, hospitality and insurances spaces, DBS Travel Marketplace can effectively streamline this process. We aim to provide a stress-free, one-stop-shop experience that comprehensively caters to travellers’ needs - from the moment they plan their trip till after they return home.”
DBS Travel Marketplace marks DBS’ fourth such integrated digital marketplace, and its first payments-enabled one. The bank believes that by creating meaningful ecosystem partnerships (collaborating and innovating together with partners) through its marketplace platform, customers will benefit from a seamless, fuss-free experience bringing together the best of travel and banking solutions. For example, a customer who logs in with his DBS/POSB online banking credentials and consents to sharing his data will have his personal and payment details automatically pre-filled in his travel booking.
Customers can choose to offset the cost of their travel bookings with their DBS Points or POSB Daily$
For every booking made on the DBS Travel Marketplace, every traveller named in the party will receive complimentary travel insurance, underwritten by Chubb Insurance Singapore Limited, which covers them for four major travel inconveniences: journey cancellation; travel delay; baggage delay; accidental death and disablement. In addition, DBS/POSB customers can also choose to offset the cost of their travel bookings with their DBS Points or POSB Daily$.
The beta launch of DBS Travel Marketplace follows a recently signed memorandum of understanding between DBS and SIA to enhance digital capabilities across various digital platforms. DBS is the first bank which SIA has connected with via API technology for direct flight ticket sales. Over the next few months, DBS and SIA will enable customers to manage their flight bookings, as well as introduce KrisShop merchandising capabilities, on DBS Travel Marketplace. The bank is also the first bank in APAC which EPS has connected with via their API technology, Rapid, for direct hotel bookings. This will expand opportunities for travellers by providing immediate access to competitive hotel deals, including Expedia Group’s offering of more than 500,000 accommodations across over 25,000 destinations worldwide.
DBS intends to tie up with more travel ecosystem partners to gradually introduce a slew of updates that will expand its flight and accommodation inventories, enable more payment options, and provide a travel shopping experience, among others.
DBS’ Car, Property and Electricity Marketplaces
DBS is uniquely well-placed in the marketplaces space as it banks most of Singapore. The bank has more than five million retail customers, and banks more than one in two SMEs. This enables DBS to build marketplaces with robust ecosystems in partnership with global companies, SMEs and with the aid of consumer insights. In addition, DBS’ sites are among the most visited in Singapore, which allows the bank to leverage its popular online channels to attract customers to relevant marketplaces for their lifestyle needs.
Since its launch as Singapore’s largest direct seller-to-buyer car marketplace, DBS Car Marketplace has attracted more than 550,000 unique visits. DBS Property Marketplace has in turn generated more than SGD 300 million in home loan requests within the first 12 months. Customers can choose from more than 30 price plans offered by seven alternative electricity retailers on DBS Electricity Marketplace, which has registered more than 300,000 unique visits to date.