DBS is stepping up its efforts to support heartland businesses in Singapore with the launch of an enhanced Heartland Merchant Banking Package.
This is part of the bank’s third wave of initiatives marking the nation’s 60th birthday.
The latest offering includes a series of “60-themed” benefits, with the bank stating that merchants can save up to SGD 1,880 through a mix of waivers and cashback.
These include a first-year waiver on account fees with no minimum balance, waivers on processing fees for the first 50 GIRO and 50 FAST payments each month, six months of free NETS terminal usage worth SGD 300, 60% off processing fees for working capital loans, and 6% cashback on Business Advance+ Debit Card spending.
Merchants who maintain a minimum daily balance of SGD 20,000 over three months are also eligible for a SGD 60 cashback.
Those who sign up for the package by 31 August 2025 stand a chance to win SGD 6,000.
To support merchants in expanding their online presence, DBS is also collaborating with partners to offer digital marketing training, aimed at helping small businesses reach new customers and grow their visibility online.
The enhanced package was launched at the DBS/POSB “Support Our Heartlands” carnival held at Oasis Terraces in Punggol.
Since the launch of the Support Our Heartlands initiative in August 2024, DBS said participating hawkers and market stall owners have seen a 40% increase in weekend earnings through PayLah! transactions.
As part of its broader efforts to promote financial wellness, the bank also introduced a new “Good Money Habits for Businesses” online series.
Available on DBS’ @DBSbusinessclass handles on Instagram and TikTok, the bite-sized tutorials cover topics such as cash management, e-commerce, and scam prevention.
This is the third initiative rolled out by DBS under the SG60 banner.
Previous efforts included “60-themed” deals through POSB debit cards and a SGD 7.3 million programme by DBS Foundation to support vulnerable seniors.
Lim Him Chuan, Singapore Country Head, DBS said,
“Heartland merchants play an essential role in society by providing the goods and services that fuel our daily lives. They are more than just businesses – they are the heart of our neighbourhoods and contribute greatly to our unique local heritage.
DBS is privileged to have grown alongside the nation over the years and we are excited to be paying tribute to our merchants and to continue supporting their growth in a digital economy.”
Featured image: (From left) Senior Minister of State Desmond Tan, Ling Seng Chuan (Head, Financial Planning, Investment and Insurance, DBS), Grassroots Advisor Yeo Wan Ling, Senior Minister of State Janil Putucheary, Senior Minister Teo Chee Hean, Lim Him Chuan (Singapore Country Head), Minister of State Sun Xueling, Grassroots Advisor Sharael Taha, Sharon Tan (Head of SME Banking, DBS), Andy Hoon (Vice President, Federation of Merchants’ Associations Singapore)
