DBS and the Singapore Tourism Board (STB) have announced a three-year Memorandum of Understanding to stimulate domestic tourism demand in the immediate term, as well as drive cross-border demand and catalyse tourism industry development in the mid- to long-term.
The partnership, a first-of-its-kind collaboration between STB and a local bank, will leverage DBS’ ecosystem of services such as its travel marketplace portal, digital payments collection solutions, predictive analytics and everyday app DBS PayLah! to help the tourism industry seize new opportunities.
In addition, DBS and STB will help local small- and medium-sized enterprises (SMEs) accelerate their digital transformation.
Stimulating domestic tourism demand
In the coming months, DBS and STB will invest in domestic marketing campaigns to encourage locals to rediscover homegrown tourism products and experiences, as well as stimulate local demand to complement the SingapoRediscovers campaign.
Both organisations will curate promotional bundles for attractions, tours and hotel stays. DBS will also tap on its predictive analytics and Intelligent Banking capabilities and work with STB to provide personalised itineraries and dynamic destination content to encourage locals to explore different precincts and learn about the myriad homegrown brands and experiences in Singapore.
DBS and STB will also collaborate on content creation and distribution to increase awareness, consideration and consumption of local tourism experiences and brands. These will be amplified across DBS platforms, DBS’ social media communities, and marketing channels.
Driving cross-border demand
The next phase of the partnership will target inbound leisure and business visitors through international marketing campaigns as Singapore progressively opens its borders. Like the collaboration for the domestic market, DBS and STB will customise content and introduce promotions and products for international visitors, such as flight and accommodation bundles, business events, and relevant travel insurance plans.
Enabling local businesses to be future-ready
Beyond stimulating domestic and international demand, a key thrust of the partnership is to catalyse the development of the tourism industry. As more locals shift their everyday payment and banking needs to their mobile phones and online platforms, DBS and STB will help homegrown tourism businesses digitally transform so they can easily reach out to customers and boost customer engagement, and better thrive in the new COVID-19 environment.
For example, both DBS and STB will partner local businesses to pilot smart experiences such as a seamless and contactless digital payment experience at various precincts. As a start, both organisations will launch a campaign to grow demand and encourage the use of DBS PayLah! at the Bugis precinct by the end of the year.
Shee Tse Koon, DBS Singapore Country Head, said: “As the Development Bank of Singapore which helped the nation industrialise, we at DBS remain invested in charting a path of recovery for Singapore. We believe this partnership can make a real difference and help our tourism industry get back on its feet.
“By combining STB’s tourism expertise with DBS’ extensive tech and ecosystem network, we are confident that we can encourage more Singaporeans to come out, explore and rediscover Singapore. In addition, we look forward to supporting our local SMEs by leveraging our consumer base, data insights and technology to help them build up their resilience and unlock more business opportunities.”
Keith Tan, STB Chief Executive, said: “DBS is an established homegrown bank, with a strong presence in Singapore and overseas. Through this strategic partnership, we will be able to reach a large community of local and international consumers, and encourage them to discover, explore and support local tourism businesses.
“These efforts will ensure that Singapore remains a safe, trusted and preferred destination for all our visitors.”