Singapore's largest bank DBS made history as it launched its own car marketplace in partnership with sgCarMart and Carro.
The launch of the DBS Car Marketplace follows the recent proposal by the Monetary Authority of Singapore to relax anti-commingling rules for banks, allowing them to invest in non-financial ventures.
The marketplace already has some 3,500 direct-owner car listings, It is Singapore's first online consumer marketplace helmed by a bank.
DBS Head of Consumer Banking (Singapore) Jeremy Soo said the online marketplace exemplifies how the group reimagines banking, using digital technology and innovation to extend its reach.
"Our insights indicate that consumers increasingly value transparency and simplicity, particularly in large purchases such as cars. We've therefore designed the marketplace so buyers and sellers are seamlessly guided throughout their purchase or sales journey â from start till completion â and provided relevant financial and product information," Soo said.
He added that the DBS Car Marketplace provides a one-stop solution for those looking to purchase or sell cars.
The new service fives several benefits to both buyers and sellers. For instance, car sellers can list on both sgCarMart and Carro at one go for free. On the other hand, buyers will get to avail DBS' online interest rate of 1.99%. on their car loans.
The marketplace can be accessed on their website which has an on-site car budget calculator.
General Manager of sgCarMart Vincent Tan said end consumers are smarter and more technologically savvy now, which means more of them are choosing to deal with buying or selling their cars themselves.
"The number of direct owners trying to sell their car on sgCarMart has been steadily increasing by at least 10% every year. We see a huge opportunity to tap into this growing market given this trend, and help speed the growth along," he commented.
He then shared, "Listings on DBS Car Marketplace will also be visible to the 2.6 million visitors that visit sgCarMart each month until the car is sold. In 2016, 79% of all direct owner car transactions were completed on sgCarMart."
For Carro CEO Aaron Tan, the trend to democratise the buying and selling of vehicles will continue and will become the preferred choice for consumers looking to get better returns and more assurance for their sale and purchases.
"There is definitely an increased interest and awareness for direct owners to transact between themselves, and we have seen our listings double over the past year and transactions through our platform have been steadily increasing," he stated.