The Singaporean lender continues to provide innovative digital support to locals affected by the ongoing pandemic alongside financial relief. To help cope with the crisis, DBS will offer free online supplementary classes for primary and secondary school students. In terms of financial relief, home loan payment relief and free Covid-19 relief insurance coverage will be provided, the latter of which has already attracted 600,000 customers.
And for SMEs, the bank rolled out a 6-month principal repayment moratorium on property loans and collateral-free digital business loan of up to S$50,000 ($35,000).
While the Covid-19 situation is an unfolding one, it is apparent that some sectors and individuals are being hit particularly hard,» said Shee Tse Koon, Singapore country head at DBS, adding that more relief measures will be announced next week. As the largest bank in Singapore, DBS is committed to joining the industry to help Singaporeans and SMEs tide through these challenging times.
More than just providing pure financial support, DBS has stood out for its creative approach to providing potentially effective relief.
In addition to online classes, the bank recently rolled out a homegrown digital food delivery platform to help its F&B SME client base boost revenues in dire times of need. Interested users will be supported by the bank for end-to-end processes from marketing and e-menus to payment and physical delivery.
