With the liberalisation of the retail electricity market, DBS Bank yesterday announced the launch of DBS Electricity Marketplace, which allows households to switch seamlessly to other energy retailers.
DBS will work with electricity retailers iSwitch and Keppel Electric in a pilot that starts next month involving about 108,000 households in Jurong.
Through the marketplace, residents can search for price plans best suited to their electricity consumption through the bank's digibank app.
Once residents have made their choice, their selected electricity plans will be provided by their new electricity retailer without any service disruption, DBS said.
"DBS Electricity Marketplace exemplifies how we are reimagining banking, using digital technology and innovation to make life simpler for our customers. Through our partnerships with alternative electricity retailers, we want to enable our customers to enjoy savings on their bills easily," DBS head of consumer banking group (Singapore) Jeremy Soo said.
"Our insights also indicate that consumers want a fuss-free process to sign up for other electricity retailers, and we have made it easier and convenient for them to make the switch with just a few simple clicks on DBS/ POSB digibank."
DBS is also working with other electricity retailers and the service will be made available to consumers at a later date.