POSB launches “Support Our Heartlands” initiative, offering over two million cashback rewards, discounts to help consumers save more and support small businesses
Singapore.27 Jul 2024
From 1 August to 31 December 2024, the bank will offer 400,000 cashback rewards and discounts each month to help consumers save more
Heartland Merchant Banking Package provides holistic support to SMEs with financing solutions and skills training programmes
The bank will organise up to 10 neighbourhood roadshows to bolster anti-scam awareness and financial planning literacy
Singapore, 27 Jul 2024 - POSB today announced a new “Support Our Heartlands” initiative, offering over two million cashback rewards and discounts over the next five months for purchases from heartland shops, wet markets, hawker stalls, and Sheng Siong supermarkets. In addition, the bank will also be offering a “Heartland Merchant Banking Package”, providing comprehensive financing support for small businesses. This move is aimed at driving demand for products and services offered by small businesses and revitalising the heartlands.
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(L-R) Sharon Tan, Chief Operating Officer, DBS Singapore; Han Kwee Juan, DBS Singapore Country Head; Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, Grassroots Adviser to Chua Chu Kang GRC GROs; and Jeremy Soo, Head of Consumer Banking, DBS Singapore; posing with the POSB mascot Smiley, at the POSB “Support Our Heartlands” event at Teck Whye Shopping Centre
To inject more vibrancy into the neighbourhoods, POSB will also organise up to 10 roadshows islandwide in the same period to dial up anti-scam awareness and financial planning literacy among seniors, families and young children.
This initiative underscores the bank’s pledge to stand alongside its customers and the community, which includes committing up to SGD 100 million each year for 10 years to enhance the lives and livelihoods of under-served segments in the community. The new wave of cashback rewards and discounts is an expansion of the weekly hawker meal subsidy scheme, which ended on 26 July 2024. Since the launch of the weekly meal subsidies in February 2023, the bank has subsidised about eight million hawker meals.
Han Kwee Juan, DBS Singapore Country Head, said, "As a homegrown company, we are committed to giving back to society and uplifting the many individuals and families who have supported us over the years. With this new cashback and discounts package, we hope to help Singaporeans and residents save more on their everyday spending, while also encouraging patronage of heartland businesses that are the cornerstone of Singapore’s culture and heritage. By incentivising spending at local merchants, we aim to stimulate economic activity at the grassroots level, strengthen community support for small local businesses and enhance the vitality of our neighbourhoods.”
Boosting consumer savings and stimulating growth of local small businesses
The POSB “Support Our Heartlands” initiative, which will be rolled out from 1 August to 31 December 2024, comprises 400,000 cashback rewards and discounts each month for Singaporeans and residents when they spend at more than 22,000 participating heartland shops, wet markets and hawker stalls, and when they purchase selected essential items at Sheng Siong supermarkets.
Today, over 70% of payments made via PayLah! Scan to Pay are on food and groceries from heartland shops and hawker stalls. Among those who have used PayLah! to redeem the hawker meal subsidies, 33% were seniors and/or earning less than $2,500 a month. Participating hawkers also saw their weekly earnings increase by more than 15%.
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DPM Gan making payment at a bakery using PayLah!. Every Saturday from 1 August 2024, POSB will offer up to SGD 3 cashback for the first 75,000 customers who scan to pay with PayLah! at over 22,000 participating heartland merchants.
Enhancing resilience and growth for neighbourhood businesses: Heartland Merchant Banking Package
Beyond the cashback and discounts package, the bank has also introduced a Heartland Merchant Banking Package, designed to provide comprehensive support to heartland merchants. This package, which aims to alleviate operational barriers and enhance financial support for these merchants, includes:
Empowering communities through digital and financial literacy programmes in the neighbourhoods
DBS/POSB will continue to revitalise neighbourhoods through its community engagement efforts. This includes scaling its digital and financial literacy programmes to more neighbourhoods, ensuring that digital and financial education are more accessible and convenient for everyone. A key initiative is the ‘POSB Your Neighbourhood Getai’ series, which combines Getai-style entertainment with digital literacy and anti-scam education for seniors. Launched in mid-2023, the bank has already held eight shows under this series, reaching over 3,000 senior participants. Over the next six months, the bank plans to organise another 10 neighbourhood roadshows to bolster anti-scam awareness and financial planning literacy among seniors, families, and young children.
The bank will also continue to co-develop financial literacy programmes with like-minded partners such as People’s Association (PA), National Library Board and EYEYAH!, and expand its financial literacy programmes to neighbourhoods via various community clubs. These workshops aim to promote good saving and spending habits, inculcate essential money management skills, and ultimately help children develop healthy financial habits from young.
The POSB “Support Our Heartlands” initiative was announced at a community event at Teck Whye Shopping Centre on 27 July 2024, where Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, who is also Grassroots Adviser to Chua Chu Kang GRC GROs, mingled with event participants.
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DPM Gan interacting with participants at the event. The POSB “Support Our Heartlands” initiative is aimed at helping consumers save more, and at the same time, support small businesses and revitalise the heartlands.
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A parent and child engaging with an interactive ATM at the POSB x EYEYAH! pop-up exhibition, a collection of artist-designed ATM displays with educational animations to teach kids about financial literacy.
[1] SMEs with incorporation date of less than three years upon date of account application
[2] After the first 12 months
[END]
About POSB
A part of the DBS Group, POSB is the largest and oldest local bank in Singapore with over four million customers. Having served generations of Singaporeans for the past 147 years, it is known as the “People’s Bank”, and prides itself on being “neighbours first, bankers second”.
POSB takes pride in supporting the community’s everyday needs and helping individuals, families, and businesses to become better savers. It stands at the forefront of change by providing pioneering financial solutions and services – across savings, borrowing, investment and insurance – that cater to the evolving needs of Singaporeans.
As a trusted member of the community, it is also committed to giving back to and standing alongside Singaporeans. From inculcating healthy financial habits to promoting digital literacy, POSB seeks to enrich neighbourhoods and uplift the community.
For more information, please visit www.posb.com.sg
(L-R) Sharon Tan, Chief Operating Officer, DBS Singapore; Han Kwee Juan, DBS Singapore Country Head; Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, Grassroots Adviser to Chua Chu Kang GRC GROs; and Jeremy Soo, Head of Consumer Banking, DBS Singapore; posing with the POSB mascot Smiley, at the POSB “Support Our Heartlands” event at Teck Whye Shopping CentreThis initiative underscores the bank’s pledge to stand alongside its customers and the community, which includes committing up to SGD 100 million each year for 10 years to enhance the lives and livelihoods of under-served segments in the community. The new wave of cashback rewards and discounts is an expansion of the weekly hawker meal subsidy scheme, which ended on 26 July 2024. Since the launch of the weekly meal subsidies in February 2023, the bank has subsidised about eight million hawker meals.
Han Kwee Juan, DBS Singapore Country Head, said, "As a homegrown company, we are committed to giving back to society and uplifting the many individuals and families who have supported us over the years. With this new cashback and discounts package, we hope to help Singaporeans and residents save more on their everyday spending, while also encouraging patronage of heartland businesses that are the cornerstone of Singapore’s culture and heritage. By incentivising spending at local merchants, we aim to stimulate economic activity at the grassroots level, strengthen community support for small local businesses and enhance the vitality of our neighbourhoods.”
Boosting consumer savings and stimulating growth of local small businesses
The POSB “Support Our Heartlands” initiative, which will be rolled out from 1 August to 31 December 2024, comprises 400,000 cashback rewards and discounts each month for Singaporeans and residents when they spend at more than 22,000 participating heartland shops, wet markets and hawker stalls, and when they purchase selected essential items at Sheng Siong supermarkets.
- Every Saturday – Up to SGD 3 cashback for the first 75,000 people who scan to pay with PayLah! at over 22,000 participating heartland shops, wet markets and hawker stalls. Participating heartland shops and wet market stalls will display the ‘POSB Support Our Heartland Shops’ wobbler. Hawker stalls will display the PayLah! Scan to Pay sticker and have to be SGQR code-enabled.
- Any day of each month – SGD 3 off eggs and SGD 3 off rice at any Sheng Siong supermarket for consumers who use POSB credit/debit cards to purchase the essential items, capped at the first 50,000 redemptions for each essential item per month.
Today, over 70% of payments made via PayLah! Scan to Pay are on food and groceries from heartland shops and hawker stalls. Among those who have used PayLah! to redeem the hawker meal subsidies, 33% were seniors and/or earning less than $2,500 a month. Participating hawkers also saw their weekly earnings increase by more than 15%.
DPM Gan making payment at a bakery using PayLah!. Every Saturday from 1 August 2024, POSB will offer up to SGD 3 cashback for the first 75,000 customers who scan to pay with PayLah! at over 22,000 participating heartland merchants.
Enhancing resilience and growth for neighbourhood businesses: Heartland Merchant Banking Package
Beyond the cashback and discounts package, the bank has also introduced a Heartland Merchant Banking Package, designed to provide comprehensive support to heartland merchants. This package, which aims to alleviate operational barriers and enhance financial support for these merchants, includes:
- A starter banking bundle with zero-cost setup for new merchants[1], facilitating a seamless entry into banking services for new merchants. Under this bundle, new companies can set up a Multi-Currency Business Account with no initial deposit and no minimum balance.
- Complimentary Select+ Insurance coverage against public injuries and property damage for up to one year.
- Working Capital Loan with up to 50% off processing fees and flexible repayment schemes for unsecured loans to enable cashflow and help heartland merchants better capture business opportunities.
- Access to SMEs Skills Booster training programmes to help merchants kick-start their digitalisation journeys and develop skills in sustainability, cyber wellness and business finance.
- Six-months free subscription[2] for NETS terminals, to encourage greater adoption of digital payments.
Empowering communities through digital and financial literacy programmes in the neighbourhoods
DBS/POSB will continue to revitalise neighbourhoods through its community engagement efforts. This includes scaling its digital and financial literacy programmes to more neighbourhoods, ensuring that digital and financial education are more accessible and convenient for everyone. A key initiative is the ‘POSB Your Neighbourhood Getai’ series, which combines Getai-style entertainment with digital literacy and anti-scam education for seniors. Launched in mid-2023, the bank has already held eight shows under this series, reaching over 3,000 senior participants. Over the next six months, the bank plans to organise another 10 neighbourhood roadshows to bolster anti-scam awareness and financial planning literacy among seniors, families, and young children.
The bank will also continue to co-develop financial literacy programmes with like-minded partners such as People’s Association (PA), National Library Board and EYEYAH!, and expand its financial literacy programmes to neighbourhoods via various community clubs. These workshops aim to promote good saving and spending habits, inculcate essential money management skills, and ultimately help children develop healthy financial habits from young.
The POSB “Support Our Heartlands” initiative was announced at a community event at Teck Whye Shopping Centre on 27 July 2024, where Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, who is also Grassroots Adviser to Chua Chu Kang GRC GROs, mingled with event participants.
DPM Gan interacting with participants at the event. The POSB “Support Our Heartlands” initiative is aimed at helping consumers save more, and at the same time, support small businesses and revitalise the heartlands.
A parent and child engaging with an interactive ATM at the POSB x EYEYAH! pop-up exhibition, a collection of artist-designed ATM displays with educational animations to teach kids about financial literacy.
[1] SMEs with incorporation date of less than three years upon date of account application
[2] After the first 12 months
[END]
About POSB
A part of the DBS Group, POSB is the largest and oldest local bank in Singapore with over four million customers. Having served generations of Singaporeans for the past 147 years, it is known as the “People’s Bank”, and prides itself on being “neighbours first, bankers second”.
POSB takes pride in supporting the community’s everyday needs and helping individuals, families, and businesses to become better savers. It stands at the forefront of change by providing pioneering financial solutions and services – across savings, borrowing, investment and insurance – that cater to the evolving needs of Singaporeans.
As a trusted member of the community, it is also committed to giving back to and standing alongside Singaporeans. From inculcating healthy financial habits to promoting digital literacy, POSB seeks to enrich neighbourhoods and uplift the community.
For more information, please visit www.posb.com.sg
