Multinational banking and financial services corporation, DBS Banks, headquartered in Singapore, has recently announced its venture into the direct car marketplace, by partnering with popular online car sales portals sgCarMart and Carro.
Consumers will have access to nearly 3,500 direct-owner car listings as well as several exclusive benefits. Those who use the new platform can also list on sgCarMart and Carro for free, with listing fees waived until Oct 4.
sgCarMart claims 40 million views and 2.6 million visitors every month. Car marketplace start-up Carro guarantees its customers' cars will be sold in 30 days, and individuals who purchase these cars will enjoy a six-month warranty.
The launch by DBS follows an announcement by the Monetary Authority of Singapore in June, relaxing certain rules on "anti-commingling" that will allow banks to invest their funds in certain non-financial businesses.
This allows banks to operate digital platforms that match buyers and sellers of consumer goods and services, and online sale of such goods or services.
The bank's head of consumer banking (Singapore), Mr Jeremy Soo, 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."
DBS is also offering an online interest rate of 1.99 per cent per year on loans when consumers buy a car from its marketplace until Aug 31.
Mr Soo said the portal would provide relevant financial and product information, and ensure that buyers and sellers have "full control and transparency over every stage of the process".