Archive for category: Misc

Frasers Property has announced a new partnership with DBS Bank aimed at supporting the financial needs and digital transformation of its retail tenants.

Under the memorandum of understanding (MOU) signed on July 30, over 2,000 retail tenants across 11 of Frasers Property’s malls, including Northpoint City, Waterway Point, Causeway Point and Tiong Bahru Plaza, will enjoy preferential rates and financial solutions from DBS Bank.

This partnership builds upon DBS’s SG60 Heartland Merchant Banking package, which provides financing support for small businesses. Each tenant will have the opportunity to save up to $1,880 through waivers and cashback benefits.

In addition, the two companies will work together to support the digital transformation of Frasers Property’s retail tenants by promoting the adoption of digital payments and collections solutions, which can help streamline cash management processes.

DBS and POSB cardholders can also convert their rewards points into digital vouchers, including gift cards under Frasers Property’s retail rewards programme, Frasers Experience, and redeem them at participating retail tenants with NETS QR codes.

The three-year partnership aims to strengthen the heartland economy and create social impact. As part of this, DBS Foundation and Frasers Property have pledged to collaborate on initiatives that benefit seniors, persons with disabilities, and the underprivileged.

This includes bringing DBS Foundation programmes to Frasers Property’s malls, such as the Nutrition and Social Connection Programme, which aims to reach out to 6,000 vulnerable seniors across 12 ageing towns over two years and provide them with nutritious meals twice a week.

This complements Frasers Property’s Inclusion Champions programme, which equips employees and participating tenants with inclusivity training to better understand and support individuals with dementia and neurodivergent needs.

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According to Frasers Property Singapore CEO Soon Su Lin, the combined strengths of Frasers Property’s retail network and DBS’s financial expertise will create a “dynamic ecosystem” that empowers tenants, rewards shoppers, and uplifts communities.

She adds, “Together, we are shaping a more resilient, rewarding, and inclusive retail landscape for all.”

Meanwhile, DBS Singapore country head Lim Him Chuan says that as the Development Bank of Singapore, DBS has always been a supporter of homegrown businesses and heartland merchants. This partnership with Frasers Property is another step towards enabling a more vibrant heartland economy, he adds.

Lim says, “As we commemorate Singapore’s 60th birthday, we are pleased to leverage the collective strengths of DBS’s consumer and institutional banking franchise, as well as DBS Foundation, to uplift the lives of our communities and celebrate what makes our neighbourhoods truly unique.”

This partnership comes after a decline in earnings for Frasers Property in 1HFY2024 due to an UK property impairment.

Additionally, Frasers Property has also recently entered into a partnership with SP Group to install close to 4,500 sqm of solar panels across its retail and commercial properties. This is part of the company’s commitment to sustainability and reducing its carbon footprint.