Gojek riders can pay for their rides via DBS PayLah!, as DBS and Gojek expand their payment services partnership in Singapore. The feature is now available in the Gojek app for iOS and Android users in Singapore. Gojek customers will be able to add DBS PayLah! as a preferred payment method for their rides after a one-time authorisation and set-up. According to Gojek, about 35 per cent of its daily ride-hailing transactions are paid for in cash. This presents an opportunity for DBS and Gojek to encourage users - who may not own a debit or credit card and so need an alternative to cash payments - to adopt digital payments, the companies noted. Gojek Singapore's general manager Lien Choong Luen said: "Through integrating DBS PayLah! in the Gojek app, our riders will have greater flexibility to choose their preferred payment methods, which allows for a more seamless travel and payment experience with every ride. "This is the latest benefit that we are bringing to our users in partnership … [Read more...] about Gojek customers can now pay for rides with DBS PayLah!
Singapore-based lender PT Bank DBS Indonesia on Monday launched a digital banking platform to offer non-collateral loans (KTA Instant) to its customers in Indonesia, which have so far been served mostly by financial technology (fintech) or peer-to-peer (P2P) lending. DBS Bank Indonesia consumer director Wawan Salum said in Jakarta on Monday that the launch of KTA Instant, part of the Digibank service, was intended to boost the credit segment for individual customers. “The non-collateral loan segment is our strength for consumer credit, rather than mortgage and credit cards. Through KTA Instant at Digibank, we hope we are able to increase growth by 15 percent,” Wawan said as quoted by kontan.co.id. He said the KTA Instant platform had been in trials since early 2019 and 100,000 people had proposed to use the application, while Digibank, since its launch in 2017 in Indonesia, had already been used by 1 million people, 600,000 of whom were active users. KTA Instant offered … [Read more...] about DBS Indonesia launches digital financing service
As economy slows, another rate cut looms — DBS Lawrence Agcaoili (The Philippine Star) - May 19, 2019 - 12:00am MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) appears inclined to trim interest rates by 50 basis points this year as it unwinds its monetary tightening. Masyita Crystallin, economist for the Philippines and Indonesia at DBS Bank, said the slower growth momentum and easing inflation have provided room for the central bank to unwind last year’s monetary tightening with a combination of both policy rate cut and the reduction of the reserve requirement ratio (RRR). “We think a cumulative of 50 basis points this year is likely,” Crystallin said. The Philippines posted its slowest gross domestic product (GDP) growth at 5.6 percent in the first quarter from the revised 6.3 percent in the fourth quarter. She said the low growth was mainly due to the 2019 budget approval delay which … [Read more...] about As economy slows, another rate cut looms — DBS
South-east Asia's biggest lender DBS Group Holdings beat market estimates to post a record quarterly profit, as strong lending income offset weakness in wealth management, brokerage and investment banking fees. DBS posted an 8.5 per cent rise in first-quarter net profit from a year earlier and said the macro-economic environment had stabilised. "I am relatively sanguine about the business momentum," its chief executive Piyush Gupta told a news conference. DBS maintained its forecast of mid-single-digit loan growth for this year and stable net interest margins, a key gauge of profitability. The lender's shares advanced 2.8 per cent to their highest since June last year, outperforming a 0.9 per cent rise in the broader market. "Overall, core driver was in line with expectations, we expect similar trends for peers as well," Jefferies analyst Krishna Guha said in a report. "We were positively surprised by strength in trading gains." United Overseas Bank will report results on Friday, … [Read more...] about DBS posts record profit on lending gains
SINGAPORE: DBS Group Holdings Ltd, Southeast Asia's biggest lender, beat market estimates on Monday (Apr 29) to post a record quarterly profit, as strong net interest income offset weakness in wealth management, brokerage and investment banking fees.First quarter profit rose 8.5 per cent on a year earlier, while DBS, the first Singapore bank to kick off the sector's results, said the macro-economic environment had stabilized somewhat."We have had a good start to the year as business momentum was sustained and non-interest income recovered from the recent weakness," CEO Piyush Gupta said in a statement.Net profit came in at S$1.65 billion (US$1.21 billion) for the three months ending March versus S$1.52 billion a year earlier and an average estimate of S$1.48 billion from four analysts, according to Refinitiv I/B/E/S.After three years of strong loans growth, Singapore's banks are gearing up for tougher times as the city-state's export-reliant economy slows, partly due to a trade war … [Read more...] about DBS posts record quarterly profit, powered by lending income