DBS PARTNERS MASTERCARD TO LAUNCH ASIA'S
FIRST 24/7 REAL-TIME ONLINE "MONEYSEND" REMITTANCE SERVICE

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Singapore, 10 November 2008 - DBS Bank Ltd (DBS) and MasterCard Worldwide today launched an online money transfer service, "MasterCard MoneySend ™", that allows DBS customers to make remittances to participating banks in five Asian countries - India, Indonesia, Malaysia, Philippines and Thailand. DBS is the first in Asia to offer this 24/7 real-time cross-border online remittance service with full two-factor customer authentication via log-in and password, thus enhancing the security of the service. For greater peace of mind, customers will be issued e-receipts and can view their online transaction history any time.

Launched as part of a continuous effort by DBS to further develop its cashless transaction platform, "MasterCard MoneySend ™" enables DBS/POSB MasterCard cardholders or DBS internet banking users to transfer money across the MasterCard global network to more than 50 banks in India, Indonesia, Malaysia, Philippines, and Thailand.

Mr Vincent Tan, Managing Director of DBS Cards & Unsecured Loans (Singapore) said: "We have been developing our cashless payment platform to bring greater ease and convenience to our customers through strategic tie-ups with partners. "MasterCard MoneySend ™" adds a new dimension of online money transfers to five key countries in Asia which the bulk of remittances out of Singapore fall under. We're launching the service in these key markets which have the most relevance to our customers. With most Singaporeans having a POSB or DBS a ccount, we see this as the most convenient service to transfer money to loved ones in other countries.

"Discussions are already underway with MasterCard to expand the network of markets as well as participating banks," added Mr Tan.  

Based on statistics from Asian Development Bank and DBS Internet Banking, over SGD 1 billion is transferred annually from Singapore to Asian countries such as India, Indonesia, Malaysia and Philippines.

Mr David Chan, Vice President of Operations and Advanced Payment Products, South East Asia, MasterCard Worldwide, said: "DBS is the first bank in the Asia-Pacific, Middle East & Africa region to offer "MasterCard MoneySend ™" as a cross-border money transfer service to its customers, and we are proud to be a part of this ground-breaking initiative. Leveraging both DBS' strong regional footprint as well as their base of over one million internet banking customers, we believe "MasterCard MoneySend ™" will be a big success in the region.

"In addition to the initial five markets, work is already underway to expand the service to other markets. As the number of expatriate workers in Singapore grows, "MasterCard MoneySend ™" presents an innovative way for banks like DBS to meet the needs of this dynamic consumer segment."

DBS customers with DBS/POSB MasterCard card accounts or DBS internet banking accounts can transfer money to their beneficiary's bank account that is linked to a MasterCard card or Maestro card account. A "MasterCard MoneySend ™" transaction is approved within a matter of seconds in real-time, and the funds are made available to the beneficiary either immediately or within one working day if received on a Maestro card account, or within one to three working days of the date of transaction if received on a MasterCard card account. Customers can remit a maximum of SGD 1,000 per day, up to a maximum of SGD 3,000 per month. As part of the launch promotion, the remittance service which is available at http://www.dbs.com/sg/personal/cards/moneysend/, will be free to customers for a limited period.

 

About DBS
DBS is one of the largest financial services groups in Asia with operations in 16 markets. Headquartered in Singapore, DBS' "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region.

As a bank that specialises in Asia, DBS leverages its deep understanding of the region, local culture and insights to serve and build lasting relationships with its clients. DBS provides the full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. The bank is committed to expanding its pan- Asia franchise by leveraging its growing presence in mainland China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows between these markets. Likewise, DBS is focused on extending its end-to-end services to facilitate capital within fast-growing countries in Indonesia and India.

DBS acknowledges the passion, commitment and can-do spirit in each of its 15,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.