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DBS launches solutions to bolster Singaporeans’ retirement plans

By Edil Corneille

August 04, 2020

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DBS, bank, Singapore, digital, payments, API, application programming interfaceDBS, the Singaporean multinational banking and financial services corporation, has announced the ramping up of its suite of digital financial planning solutions and tools to empower citizens where they can get a head start in retirement planning and strengthen their financial resilience. The solutions, which will be launched from this week, include the ‘Map Your Money’ interactive dashboard function which can project a customer’s future retirement needs based on their current finances. The function is integrated within DBS’ digital advisory tool NAV Planner.

The bank is also introducing a retirement planning portal that helps customers to better understand estate planning topics, with access to relevant services such as CPF nomination, will writing, and setting up a Lasting Power of Attorney (LPA). The Central Provident Fund (CPF) Board and DBS are working together to train the bank’s Wealth Planning Managers and loan specialists on CPF schemes. DBS’ new solutions will help customers and their Wealth Planning Managers identify and address any blind spots or gaps in their retirement planning lifecycle, whether a customer is accumulating assets or moving into the decumulation phase.

Jeremy Soo, Head, Consumer Banking Group, DBS Singapore expounded, “During these uncertain times when people are worried about declining incomes and outliving their savings, DBS has an even greater responsibility to extend our expertise in managing money and simplifying retirement planning for Singaporeans. Coupled with our partnership with CPF, we are offering Singaporeans an industry-first holistic retirement proposition that provides greater clarity around their financial future based on the assets they have, including those held under government schemes such as CPF and the Supplementary Retirement Scheme (SRS). This unparalleled access to insights and resources will enable Singaporeans to make more informed investment decisions that will strengthen their financial resilience during their golden years and protect the financial health of their loved ones.”

Irene Kang, Group Director (Communications), CPF Board enunciated, “CPF is an important foundation of retirement for many Singaporeans. We congratulate DBS for taking the initiative to make retirement planning more accessible to everyone, and we welcome similar collaborations with other financial institutions.”

DBS is launching a new virtual Retirement Planning Portal on August 8, 2020, for customers who are keen to safeguard the financial security of their loved ones but may not have the necessary knowledge or skills to ensure that their estate will be properly handled after their deaths. The portal tackles the common challenges faced by customers in understanding estate planning and aggregates relevant resources within a single portal, making it easier for customers to find the information they need and seek help.

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