Reported by: banking|Updated: August 10, 2017
Singapore’s DBS Bank has launched an online consumer marketplace for sellers and buyers of cars. The DBS Car Marketplace is a joint effort of the bank and sgCarMart and Carro, two popular car sales online portals. This is Singapore’s first online consumer marketplace. A new reform measure by the Monetary Authority of Singapore to streamline regulatory requirements for banks in Singapore seeking to conduct or invest in non-financial businesses that are related or complementary to their core financial businesses has facilitated the introduction of the service. The digital marketplace will match buyers and sellers of cars and facilitate online sale of such goods or services. According to Jeremy Soo, the bank’s head of Consumer Banking (Singapore), the DBS Car Marketplace connects buyers and sellers together at a marketplace that contains the largest number of direct-owner car listings, and ensures that they have full control and transparency over every stage of the process. The site features a car budget calculator to provide the estimated loan amount the buyer is eligible for, as well as the facility to book a test drive online with the seller directly.