DBS joins forces with SingPost to add number of banking outlets to 140

Alliance offers greater banking convenience to customers of both companies.

DBS Bank Ltd (DBS) and Singapore Post Limited (SingPost) today announced a landmark partnership to offer basic banking services at all SingPost's outlets from 3 January 2012. This first-of-its-kind tie-up in Singapore between a postal service provider and a bank will enable DBS/POSB customers to conduct banking transactions at 140 outlets, up substantially from the bank’s 80 branches Thursday.

Banking services available to DBS/POSB customers at post offices include cash withdrawals and cash deposits. In addition, customers can also submit a POSB Everyday Savings Account application form through a SingPost’s outlet as an additional convenient touchpoint. DBS corporate banking customers also have the option of depositing cash bags at four SingPost outlets, namely Bukit Batok Central Post Office, Jurong West Post Office, SingPost Centre Post Office and Yishun Central Post Office.

In 2010, DBS introduced mobile banking and expanded its self-service banking network to over 1,300 ATMs and Cash Acceptance Machines (CAMs) to provide its customers with more round-the-clock banking options. The collaboration between DBS and SingPost will enable Singaporeans to enjoy even greater convenience with the expanded network of banking outlets in town and within the heartlands, accoding to a DBS report.

Mr Jeremy Soo, Managing Director and Head of Consumer Banking Group Singapore, DBS Bank said, “Today, DBS already has the largest number of banking touchpoints in Singapore. This collaboration with SingPost translates into even greater banking convenience for our four million customers when they visit the post office. Earlier in January, we partnered SingPost to offer the new notes exchanges during Chinese New Year at selected post offices. I am extremely pleased to see this relationship deepening further, now as to bring banking services to our customers at all SingPost’s outlets.”

Mr Loh Choo Beng, Executive Vice President (Retail & Financial Services), SingPost said, “SingPost has been transforming to stay relevant and close to our customers. We have been bringing key services to our customers including e-Government services. This collaboration with DBS/POSB is another effort to provide a higher level of convenience to our customers. 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.”

In recent years, DBS and SingPost have introduced a number of innovative initiatives to maximise the efficiency of their existing networks and to extend their reach within the community. This latest partnership serves to bring greater one-stop convenience to both DBS and SingPost customers.