SINGAPORE - With the liberalisation of the retail electricity market, DBS on Tuesday (March 20) announced the launch of DBS Electricity Marketplace that allows households to switch seamlessly to other energy retailers.
DBS will be working with electricity retailers - iSwitch and Keppel Electric - in a pilot that starts in April involving around 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.
Jeremy Soo, DBS head of consumer banking group (Singapore) 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.
"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.