Consumers to receive $10m cashback boost from DBS amid cost pressures

DBS Bank will be setting aside $10 million in cashback redemptions for customers between August and December, the bank announced on Saturday (April 25).

This decision was made amid the "prolonged uncertainty and escalating costs", and is aimed at helping Singaporeans manage cost pressures, said the bank.

During the period, three million cashback redemptions will be available for DBS and POSB cards and via the DBS PayLah! App in hawker centres, heartland shops and supermarkets.

These redemptions will be implemented alongside the $3 cashback at hawker stalls and heartland shops every Saturday.

These measures were announced by Acting Minister for Transport Jeffrey Siow, at a Mother's Day event at Tengah Community Club on April 25.

More details on how customers can redeem their cashback rewards will be shared in July.

Support for SMEs

Additionally, the bank will also be improving support for small and medium-sized enterprises (SME) with the enhanced Spark GenAI programme that provides more structured guidance and access to AI solution providers.

The bank's measures to assist Singaporeans will work in tandem with the $1 billion support package that the Government announced earlier this month. 

Siow, who is also the Senior Minister of State for Finance, also shared at the event on Saturday: "In Singapore, we all pull together to help one another – Government, businesses, and society.

"This is how we deal with troubles and crisis together. This way we always make sure that no Singaporean is left to bear the burden alone."

DBS Singapore country head Lim Him Chuan shared that the bank is "committed to enabling more people to stretch their dollar" while also aiding SMEs which are "the backbone of the economy".

"As a purpose-driven bank, DBS/POSB is guided by our belief that we are not just present in good times but also step forward when it matters," Lim said.

"We hope this gesture of encouragement will go some way in providing practical support to those who need it as we tide over these times together."

Last year, DBS subsidised over $6 million in everyday purchases and hawker meals, the bank shared.

DBS also revealed that 50 per cent of payments made via PayLah!'s Scan to Pay option are for food and groceries from heartland shops and hawker stalls.

Among those who redeemed cashback rewards last year, 36 per cent were senior citizens or earning less than $2,500 a month.

Hawkers, wet market stallholders and heartland merchants who offered DBS' Saturday cashback rewards saw a 50 per cent increase in their earnings on Saturdays last year, DBS stated. 

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khooyihang@asiaone.com