DBS launches Electricity Marketplace
In this article (5)
DBS announced the launch of the DBS Electricity Marketplace which will allow all households in Jurong (residents with postal code of 60, 61, 62, 63 and 64) to seamlessly switch to other retailers with the liberalisation of the retail electricity market in Singapore.
As a start, DBS is working with two electricity retailers – iSwitch and Keppel Electric. During the pilot phase, all households in Jurong can search for various price plans that best suit their electricity needs on the DBS Electricity Marketplace. For DBS/POSB customers, they can apply directly with just a few simple clicks via DBS/POSB digibank and choose their preferred payment options. Once the switch is done, customers can look forward to their selected electricity plans provided by their new electricity retailer, without any service disruption.
Said Jeremy Soo, DBS Head of Consumer Banking Group (Singapore), “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.”
Since 2001, the Energy Market Authority has been liberalising the electricity market in Singapore in phases and the pilot phase for residents in Jurong will start from April 2018. DBS is also working with other electricity retailers which will be made available to consumers at a later date.
Questions & Answers
Q.Which specific areas are covered by the DBS Electricity Marketplace during this initial phase?
Which specific areas are covered by the DBS Electricity Marketplace during this initial phase?
The initial pilot phase of the DBS Electricity Marketplace is available to all households in Jurong. This includes residents with postal codes 60, 61, 62, 63, and 64, totalling approximately 108,000 households.
Q.When is this pilot phase for Jurong residents scheduled to begin?
When is this pilot phase for Jurong residents scheduled to begin?
The pilot phase for residents in Jurong is scheduled to commence from April 2018. This initiative is part of the ongoing liberalisation of Singapore's retail electricity market, which started in 2001.
Q.Which electricity retailers are currently participating in the marketplace with DBS?
Which electricity retailers are currently participating in the marketplace with DBS?
As a starting point, DBS is collaborating with two electricity retailers for this marketplace: iSwitch and Keppel Electric. DBS also plans to add more retailers for consumers at a later date.
Q.How does DBS believe its marketplace will benefit its customers?
How does DBS believe its marketplace will benefit its customers?
DBS believes the marketplace will simplify life for its customers by enabling them to easily compare and switch electricity retailers. This aims to help customers achieve savings on their electricity bills through a fuss-free digital process.