Homegrown DBS bank is known for its innovative spirit and forward thinking practices. And now it seems like its taken its innovative outlook into a brand new direction - cars.
Partnering with sgCarMart and Carro, DBS has launched Singapore's largest direct car marketplace to date - the DBS Car Marketplace.
In June, the Monetary Authority of Singapore's (MAS) announced that it would ease regulations for banks to invest in non-financial businesses.
Banks would thus be able to "engage in the operation of digital platforms [match] buyers and sellers of consumer goods or services, as well as the online sale of such goods or services".
On DBS Car Marketplace, buyers and sellers can now meet in a marketplace with "the largest number of direct-owner car listings," said Jeremy Soo of DBS.
They will also have "full control and transparency over every stage of the process".
Meanwhile, general manager of sgCarMart Vincent Tan describes the collaboration as a "huge opportunity [for them] to tap into the growing market [of direct car sales online] , and help speed the growth along."
For Car Sellers And Shoppers
Sellers on the DBS Car Marketplace will get to list their vehicles on both sgCarMart and Carro for free until October 4.
DBS is also offering an online interest rate of 1.99 per cent per annum (until August 31) on car loans when someone buys a car from their marketplace.
Aside from that, the DBS Car Marketplace offers potential buyers a 'car budget calculator' to calculate the loan amount someone is eligible for, the ability to book a test drive with the seller.
And if the sale goes through, the bank is also offering free paperwork services for both sellers and buyers.
Meanwhile it seems like the platform already has a slew of happy buyers and sellers, as you can see from the reviews on this page.
What About sgCarMart And Carro?
Both sites are still up and running, sgCarMart here and Carro here.
While it might seem a little strange that they would collaborate to set up a platform that would otherwise compete with their own, the benefits of them working together with DBS remains to be seen.
If we take what sgCarMart's Vincent Tan has said at a face value, the partnership could just be seen as a way to drive the Singapore car e-commerce scene forward.
But this is business, and we bet that there's definitely more than meets the eye.
Here's us looking forward to finding out more.
Meanwhile, here's a link to the site if you're interested to start shopping for your next ride.