DBS said it would enter the consumer marketplace for cars. The Singapore-based bank is the first finance to do so, after rules were eased.
Singapore's largest bank launched DBS Car Marketplace, a seller-to-buyer venue for cars. DBS is partnering with sgCarMart and Carro to get the project off the ground.
The bank's move comes shortly after Singapore's financial regulator decided to ease so-called commingling rules, which had prohibited banks from being active in other businesses besides finance.
Consumer Loans
DBS' interest in the marketplace stem from the potential to offer consumer loans to car buyers. The bank is offering a 1.99 percent interest rate on car loans for purchases on the site through the end of the month.
«The number of direct owners trying to sell their car on sgCarMart has been steadily increasing by at least 10 percent every year,» said Vincent Tan, head sgCarMart.
