DBS Bank unveils online car selling marketplace
Written by Anthony Strzalek
Singapore’s DBS Bank has taken advantage of the relaxing of regulatory restrictions as it moves into the e-commerce market with the launch of an online car selling marketplace.
With some 3,500 direct-owner car listings, DBS Car Marketplace’s official launch makes it Singapore’s first online consumer marketplace helmed by a bank.
This follows the Monetary Authority of Singapore’s (MAS) announcement in June this year proposing to allow banks to operate digital platforms that match buyers and sellers of consumer goods or services.
The marketplace, which has been launched in partnership with sgCarMart and Carro, began its pilot in December 2016. Sellers can list on both sgCarMart and Carro. For buyers, an on-site car budget calculator provides the estimated loan amount they are eligible for, and then serves them a list of cars based on their budget. If they find a car they are interested in, they can arrange for a test drive online with the seller directly.
Jeremy Soo, head of consumer banking at the bank, said: “DBS Car Marketplace exemplifies how we are reimagining banking, using digital technology and innovation to extend our reach. Our insights indicate that consumers increasingly value transparency and simplicity, particularly in large purchases such as cars. We’ve therefore designed the marketplace so buyers and sellers are seamlessly guided throughout their purchase or sales journey – from start till completion – and provided relevant financial and product information.
“DBS Car Marketplace provides a one-stop solution for those looking to purchase or sell cars: it 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.”