Under a new MOU, DBS Group Holdings and Frasers Property will also support tenants’ digital transformation by strengthening the adoption of digital payments. Photo: DBS, Frasers Property
Over 2,000 retail tenants across 11 of Frasers Property’s malls like Northpoint City, Waterway Point, Causeway Point and Tiong Bahru Plaza will enjoy financial solutions and preferential rates from DBS Bank under a new partnership between the two companies.
This is in addition to DBS’s SG60 Heartland Merchant Banking package, which provides financing support for small businesses. Each merchant can save up to $1,880 through waivers and cashback benefits.
Under a memorandum of understanding (MOU) signed on July 30, DBS Group Holdings and Frasers Property will also support tenants’ digital transformation by strengthening the adoption of digital payments and collections solutions that help streamline cash management processes.
In addition, DBS and POSB cardholders can convert their rewards points into digital vouchers, including gift cards under Frasers Property’s retail rewards programme, Frasers Experience, and redeem them at participating retail tenants with NETS QR codes.
The three-year partnership aims to strengthen the heartland economy and create social impact.
On the latter, DBS Foundation and Frasers Property have pledged to collaborate on initiatives to benefit seniors, persons with disabilities and the underprivileged.
This includes bringing DBS Foundation programmes to Frasers Property’s malls, such as the Nutrition and Social Connection Programme, which aims to reach out to 6,000 vulnerable seniors across 12 ageing towns over two years and provide them with nutritious meals twice a week.
This complements Frasers Property’s Inclusion Champions programme, which equips employees and participating tenants with inclusivity training to better understand and support individuals with dementia and neurodivergent needs.
Frasers Property Singapore CEO Soon Su Lin says the combined strengths of Frasers Property’s retail network and DBS’s financial expertise will create a “dynamic ecosystem” that empowers tenants, rewards shoppers and uplifts communities. “Together, we are shaping a more resilient, rewarding and inclusive retail landscape for all.”
DBS Singapore country head Lim Him Chuan says: “With our roots as the Development Bank of Singapore, DBS has been a longtime supporter of homegrown businesses and heartland merchants. Our partnership with Frasers Property builds upon DBS’s series of initiatives to enable a more vibrant heartland economy, such as our weekly $3 PayLah! cashback that bolsters customer savings and Heartland Merchant Banking Package to support small businesses.”
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Lim adds: “As we commemorate Singapore’s 60th birthday, we are pleased to leverage the collective strengths of DBS’s consumer and institutional banking franchise, as well as DBS Foundation, to uplift the lives of our communities and celebrate what makes our neighbourhoods truly unique.”
This story first appeared on The Edge Singapore.