DBS Bank and Singapore Exchange (SGX) have announced a three-year collaboration to provide retail investors with the knowledge, skills and tools to aid financial decision-making and kick-start their investment journey.
Targeted at NIBIs (Not Invested But Interested), the “FLY with DBS and SGX” collaboration will leverage DBS’ data-driven approach for a seamless and customised learning experience for new investors, as well as SGX Academy’s expertise in investment education via a hands-on and interactive approach to its programmes. Based on customers’ banking transactional behaviour, DBS will identify the investor profile of customers and match them to specific customer segments, before reaching out with contextualised and tailored education offerings.
Singapore is one of the world’s leading financial and investment hubs, but recent survey studies indicate a gap in the nation’s financial literacy levels, where a third of working adults in Singapore are not planning for their retirement. Nine in 10 Singaporeans, when surveyed, feel the need to improve their understanding of investments.
“FLY with DBS and SGX” has identified three consumer segments as core targets. It will seek to enable Women to achieve financial independence at various life stages, start Young Adults off their financial journey by cultivating good investment habits, and help the Gen X supplement their retirement funds through investments.
SGX Academy and DBS will work together to develop investment course materials for each consumer segment. The course materials will comprise interactive webinars, e-tutorials and web articles that are customised by SGX Academy for DBS customers to meet their investing and trading needs. DBS customers will also be able to join a series of exclusive seminars hosted by industry specialists and investment experts.
DBS customers will receive timely alerts at the start of each course cycle through a targeted outreach model that spans multiple platforms, such as DBS/POSB’s internet and mobile banking channels, Facebook and email.
We are excited to partner DBS which will strengthen our efforts to enhance financial literacy among individuals in Singapore and open up another channel for non-investors to work their money harder, in a well-informed and educated way. This collaboration will bring SGX’s retail education resources and expertise to DBS’ sizable customer base, through digital platforms as well as face-to-face engagements,” said Chew Sutat, Head of Equities and Fixed Income, SGX.
It is important for our customers to have a thorough understanding of the fundamentals of investing, as it will empower them to make informed decisions and become savvy investors in their own right,” added Tan Su Shan, Group Head of Consumer Banking and Wealth Management, DBS Bank. “We are aware that a lack of financial knowledge prohibits consumers, especially young adults, from investing their money even though they want to. By combining our strengths with SGX, we look forward to offering budding investors easy access to achieving greater financial literacy in investments and grow the number of active investors in Singapore.