DBS says sellers who use its platform will be able to list on both sgCarMart and Carro for free, as listing fees are waived until Oct 4. (Photo: DBS)
SINGAPORE: Local bank DBS entered the car sales industry on Thursday (Aug 10) with the launch of its online consumer marketplace for car buyers and sellers it calls DBS Car Marketplace.
With partners sgCarMart and Carro - both popular car sales online portals - it will be Singapore's first online consumer marketplace helmed by a bank, DBS touted in its press release.
The move follows the Monetary Authority of Singapore’s (MAS) announcement in June that it would 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.
Under the updated framework, it allowed banks to engage in the operation of digital platforms that match buyers and sellers of consumer goods or services, as well as the online sale of such goods or services.
"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," said Mr Jeremy Soo, the bank's head of Consumer Banking (Singapore).