Singapore’s DBS to offer consumers US$7.8M in cashback redemptions to ease food, essentials costs
Singapore’s DBS will offer S$10 million (US$7.8 million) in cashback redemptions to DBS and POSB cardholders and DBS PayLah! users from August to December to help ease rising food and daily living costs.
The bank said the initiative is aimed at supporting consumers amid prolonged uncertainty and higher expenses, AsiaOne reported, citing its April 25 announcement.
About three million cashback redemptions will be available during the five-month period at hawker centers, neighborhood shops and supermarkets.
The scheme will run alongside DBS’ existing promotion that offers S$3 cashback at hawker stalls and heartland shops every Saturday. More details, including participating retailers, will be announced in July.
Lim Him Chuan, head of DBS Singapore, said tensions in the Middle East had driven up energy prices and added to living-cost pressures.
“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.”
Logo of DBS bank seen on a building. Photo courtesy of DBS |
The move follows a S$1 billion government support package announced on April 7 to help households manage rising prices linked to tensions in the Middle East, The Straits Times reported.
The bank said the latest initiative is part of its efforts to support customers facing higher costs. In 2025, it subsidized more than S$6 million in daily essentials and hawker meals in heartland areas.
DBS said 36% of those who redeemed cashback rewards in 2025 were senior citizens and/or earned less than S$2,500 a month.
Participating hawkers, wet market stallholders and heartland merchants also recorded a 50% increase in Saturday earnings through PayLah! transactions in 2025, compared with 40% growth during a similar cashback campaign in 2024.
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