More than 3 million cashback redemptions to be offered from Aug to Dec through DBS/POSB support package
Amid ongoing cost pressures, DBS Bank and POSB have committed S$10 million to support Singaporeans and local businesses.
The initiative aims to help households manage daily expenses while strengthening small and medium-sized enterprises (SMEs) to stay resilient in a rapidly changing economy.
Over 3 million cashback redemptions for groceries and hawker meals
From August to December, consumers can look forward to more than three million cashback redemptions when using DBS/POSB cards or the DBS PayLah! app.
Source: DBS
The cashback will apply to purchases at hawker centres, heartland shops, and supermarkets — helping to offset everyday costs such as food and groceries.
Among the deals is a S$3 cashback for transactions at hawker stalls and heartland merchants every Saturday.
DBS noted that food and grocery spending already accounts for about half of all PayLah! Scan to Pay transactions.
In past campaigns, lower-income individuals and seniors formed a significant portion of users, with 36% of cashback recipients earning below S$2,500 a month or being elderly.
Participating merchants also saw a boost in business, with Saturday earnings rising by 50% via PayLah! transactions last year.
SMEs to receive support for AI adoption
Beyond consumer relief, DBS is also stepping up efforts to help SMEs adapt to technological changes.
Through its enhanced Spark GenAI programme, businesses will receive advisory and training support tailored to their level of AI readiness.
Source: DBS
This includes complimentary workshops conducted in partnership with the Infocomm Media Development Authority (IMDA).
SMEs will also gain access to IMDA’s Open Innovation Platform, which connects them to a global network of over 16,000 solution providers.
In addition, DBS has introduced an “Implementing AI for Impact” playbook to guide businesses in adopting AI tools more effectively.
Builds on previous cost-of-living support measures
The latest initiative builds on DBS’s earlier efforts to support Singaporeans during periods of rising costs.
In 2023, the bank introduced weekly hawker meal subsidies via PayLah!, becoming the first corporate in Singapore to do so.
Last year, it subsidised more than S$6 million worth of everyday purchases and meals in heartland areas.
DBS Singapore Country Head Lim Him Chuan said the bank hopes to “enable more people to stretch their dollar” while supporting SMEs, which he described as the backbone of the economy.
“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.”
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Featured image adapted from DBS.
