DBS Bank has launched a cashless purchasing card for the logistics sector to address the operational inefficiencies faced by the logistics SMEs in Singapore.
The new card, dubbed ‘DBS Logistics Purchasing Card’ (DBS P-Card), is expected to end the paper-based, manual payment and collection processes and promote digital transformation in the industry.
The DBS P-Card provides logistics SMEs with a digital, near contact-free solution to settle payments and collections at container depots.
Using the card, each driver can save nearly 30 minutes each day on payments.
The DBS P-Card reduces exposure to bacteria and viruses for drivers and cashiers from handling cash, especially during the on-going Covid-19 outbreak.
DBS SME banking group head Joyce Tee said: “These manual and paper-based processes are longstanding pain points in Singapore’s logistics and supply chain sector, and DBS has been working closely with industry partners to find workable solutions.
“The current economic lull due to the Covid-19 situation presents an opportunity for us to test and implement some of these solutions so that our logistics SMEs, which form the bedrock of Singapore as a global logistics hub, are in a better position to capture the uptick in business activity when the crisis passes.”
The bank has already enlisted Yang Kee Logistics as its first DBS P-Card customer.
DBS is looking to engage more companies as it intends to increase the card usage across the logistics industry in the country.
The card enables drivers and hauliers to completely digitise payments and collections at Yang Kee’s two container depots, which process over 25,000 payments each month.
The bank anticipates that nearly 1,000 drivers will eventually benefit from the launch as more transportation companies use Yang Kee’s container depots.
Rejoice Container Services, one of the haulage companies in Singapore, has also applied for the DBS P-Card.