Online Marketplace For Trading Cars Introduced By DBS Bank

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DBS bank has initiated a market place for cars in Singapore. The platform will be a one-stop solution for those intending to sell or purchase cars. The move comes after the relaxation of certain rules, which includes enabling banks to invest their money in any kind of nonfinancial business. To be more specific, it enables the banks to invest in such businesses that pair the buyer and sellers of consumer goods and services.

The marketplace led by DBS bank is in the form of alliance with some well-established entities such as Carro and sgCarMart. It will be the largest market place in Singapore. It presently has about 3,500 direct-owner car indexes and also provides various elite benefits for the customers.

Online Marketplace For Trading Cars Introduced By DBS Bank

SgCarMart manages to fetch 40 Million views with 2.6 Million visitors per month. The company also provides a huge database of both new and used cars that are on sale in Singapore. While on the other side, Carro commits its customers that their cars will be traded in 30 Days and also offers 6 Month warranty to the buyer.

Head of consumer banking (Singapore), Mr. Jeremy Soo said, “The car market place led by DBS illustrates how we visualize banking by utilizing innovations and digital technology to elongate our reach. Our approach specifies that customers progressively value simplicity and transparency, especially in big purchases like cars.

“The platform also offers applicable product and financial information, and also assures that both buyers and sellers will have full influence and clarity on every level of procedure,” Soo affirmed.

Both the platforms Carro and sgCarMart that are associated with DBS facilitate sellers by providing access to listing to sellers, which will be free for definite period. Whereas, buyers will get to reap the benefits of the DBS’ attractive interest rate of 1.99% per year on their car loan, if the customer buys the car through its market place till August 31, 2017.

The beta-testing of the marketplace was initiated in December after bank collaborated with the startup Carro to introduce DBS platform to leverage website traffic and merge the impending sellers and buyers.