FINANCIAL SERVICES | Staff Reporter, Singapore

DBS rolls out online car marketplace

It currently has some 3,500 direct-owner car listings.

DBS launched DBS Car Marketplace, Singapore's largest direct seller-to-buyer car marketplace, in partnership with sgCarMart and Carro.

With some 3,500 direct-owner car listings, DBS Car Marketplace’s official launch makes it Singapore’s first online consumer marketplace helmed by a bank.

This follows the Monetary Authority of Singapore’s (MAS) announcement in June this year proposing to allow banks to operate digital platforms that match buyers and sellers of consumer goods or services.

Jeremy Soo, head of consumer banking, said consumers increasingly value transparency and simplicity, particularly in large purchases such as cars.

"DBS Car Marketplace provides a one-stop solution for those looking to purchase or sell cars: it connects buyers and sellers together at a marketplace that contains the largest number of direct-owner car listings, and ensures that they have full control and transparency over every stage of the process," Soo noted.

Meanwhile, sgCarMart general manager Vincent Tan stated 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. 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," he said.

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