DBS to offer consumers $10m in cashback redemptions to alleviate prices of food and essentials
Sign up now: Get ST's newsletters delivered to your inbox
Acting Minister for Transport Jeffrey Siow (second from right) with DBS Singapore head Lim Him Chuan (second from left) and Chua Chu Kang GRC MP Choo Pei Ling (right) at Tengah Community Club on April 25.
ST PHOTO: GIN TAY
SINGAPORE - From August to December, DBS and POSB cardholders and PayLah! users will be able to redeem more than three million cashback redemptions at hawker centres, heartland shops and supermarkets.
This will come to $10 million as part of a cashback initiative to help Singaporeans defray the cost of everyday items such as groceries and food, said DBS Bank on April 25.
DBS and POSB cardholders can get $3 off purchases of household essentials at selected supermarkets in August, said Acting Minister for Transport Jeffrey Siow, who made the announcement at a Mother’s Day event at Tengah Community Club on April 25.
In September, those who use PayLah! at hawker centres and heartland shops on Saturdays will get $3 cashback, added Mr Siow, who is also Senior Minister of State for Finance and an MP for Chua Chu Kang GRC. Tengah is part of this GRC.
More details about the redemptions and retail partners will be announced in July, said a DBS spokesperson.
The bank’s initiatives come after the Government on April 7 announced a $1 billion support package to help Singaporeans cope with price increases as a result of the conflict in the Middle East.
DBS will also support small and medium-sized enterprises (SMEs) by providing guidance and wider access to AI solution providers.
This will be done through its SparkAI programme, which provides SMEs with advisories and training support to adopt artificial intelligence.
Mr Lim Him Chuan, who heads DBS Singapore, told the media on the sidelines of the event: “The crisis in the Middle East resulted in an increase in energy prices, which in turn (caused) an increase in the cost of living for a lot of people.
“And every time when there’s a crisis like that, DBS and POSB are here to support our community, and this is the reason why we are committing to a $10 million support package.”
The bank’s latest initiative is part of its support for customers amid rising expenses. In 2025, the bank subsidised more than $6 million worth of everyday purchases and hawker meals in the heartland.
DBS said in its statement that among those who redeemed the cashback rewards in 2025, 36 per cent were senior citizens and/or were earning less than $2,500 a month.
Participating hawkers, wet market stallholders and heartland merchants also saw a 50 per cent increase in their Saturday earnings via PayLah! transactions in 2025, up from the 40 per cent growth recorded during a similar cashback campaign in 2024.
Residents participating in the DBS/POSB booth activities during the launch of DBS/POSB’s $10 million cost-of-living package in Tengah Community Club on April 25.
ST PHOTO: GIN TAY
At the event, Mr Siow visited a supermarket and shops at Plantation Plaza, and interacted with Tengah residents at the mall.
Said Mr Siow: “In Singapore, we all pull together to help one another – government, businesses and society. This is how we deal with troubles and crises. This way, we always make sure that no Singaporean is left to bear the burden alone.”
