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Straits Times
6 days ago
- Business
- Straits Times
More students to get Smart Buddy watches; most schools now offer cashless payment
SINGAPORE - About 11,000 digital watches with a new feature that tracks calories burned will be distributed in 2025 under the POSB Smart Buddy programme, which lets students tap the watch to pay at canteen stalls and bookshops. The roll-out follows the completion of a three-year memorandum of understanding with the Ministry of Education to have all 335 participating schools here equipped with contactless payment terminals. There are a total of 351 schools – primary and secondary schools, junior colleges and the Millennia Institute – here. POSB said it expects to register 320,000 students on the programme by the end of 2025, up from the 230,000 students in 253 schools the bank engaged in 2024. 'Our ongoing efforts include equipping young learners with the right tools, providing age-appropriate education and offering them real-world opportunities to practise healthy money habits,' said Mr Calvin Ong, head of DBS Singapore's consumer banking group. Launched in 2017, the Smart Buddy programme is the world's first in-school wearable tech savings and payments solution. School vendors enter the amount for a meal or item into the payment system, and students tap their watch on a contactless terminal to pay. Through an app paired with the watch, POSB and DBS customers can manage their children's allowance and spending habits. Since 2017, around 78,000 watches have been distributed to students in primary and secondary schools, junior colleges and the Millennia Institute. The latest edition of the watch is free for new joiners of the Smart Buddy programme. Existing users can buy the upgraded watch for $40 apiece. Using the device, students can track their heart rate and the number of calories burned when exercising. Another new feature guides students through breathing exercises to reduce stress. Top stories Swipe. Select. Stay informed. 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ST PHOTO: SHINTARO TAY At the launch of the new watches at Teck Ghee Primary School on July 24, some canteen vendors told The Straits Times that they find it hard to revert to counting notes and coins after getting used to contactless payments. Drink stall owner Ly Li Fang said that half of her daily sales are through contactless means. 'It can be quite difficult to find different coins and notes during busy periods... It's more convenient to accept cashless options,' she said. Madam Tham Mei Fong, a bookstore employee at Teck Ghee, said a quarter of her daily sales are cashless. In the first five months of 2025, around one million monthly transactions were performed via the Smart Buddy watch or card, POSB told ST. Teck Ghee Primary School pupils said they had fun with the watch. Primary 5 pupil Louis Yap said his parents stopped giving him cash in 2023, when he started using the watch. He also uses the watch to track his heart rate when exercising, and suggested a new location tracking feature so his parents could be informed of his whereabouts. Primary 5 pupil Louis Yap checking the balance on his Smart Buddy watch at Teck Ghee Primary School on July 24. ST PHOTO: SHINTARO TAY Primary 5 pupil Karena Cai, who has been using the watch for three years now, said she enjoys the savings feature. 'I can usually save about $10 a week,' said the 11-year-old. She receives around $4 to $6 in daily allowance. For each dollar saved in their accounts, Smart Buddy users get up to $10 a month of top-up from the bank. 'I also use the watch to keep track of how many steps I take. Sometimes, my sister and I will compete on how many steps we can take each day.' The bank has also refreshed its financial literacy curriculum under the Smart Buddy programme to include black swan events and economic shocks happening in the real world, such as the ongoing tariff war. It aims to help students understand how matters beyond their control can potentially impact years of careful savings, and why being financially prepared matters. This in addition to the original curriculum teaching healthy saving habits, the difference between needs and wants and how cashless payment works. The first workshop teaching the refreshed content was conducted on July 24 in Teck Ghee Primary School. Nearly 1,000 students attended the 1.5-hour-long financial literacy workshop. 'This holistic approach underscores our broader mission to help raise the next generation of savers in Singapore, who will grow up to become digitally savvy adults confident with their money,' said Mr Ong.
Straits Times
10-07-2025
- Business
- Straits Times
DBS joins UOB and OCBC with green home loan offering
Sign up now: Get ST's newsletters delivered to your inbox DBS said its rate is the most competitive green home loan in the market. SINGAPORE – DBS Bank has followed on the heels of UOB and OCBC Bank to offer green home loans for private property projects. Unlike the offerings from UOB and OCBC, which launched 'eco-mortages' in 2021, the DBS loan option is available only to borrowers with private properties under construction. These projects must have a Green Mark rating from the Building and Construction Authority (BCA) or be earmarked for one, DBS said on July 10. The promotional green home loan rate for a minimum mortgage of $1 million for the first year is pegged to the three-month compounded Singapore Overnight Rate Average, or Sora, plus a spread of 0.25 per cent. The spread is the profit the bank earns. This would mean that the first-year promotional rate for a $1 million mortgage is 2.2278 per cent, given prevailing rates. DBS said its rate is the most competitive green home loan in the market and is lower than the standard mortgage rates for new private residential launches. Mr Calvin Ong, head of the consumer banking group at DBS Singapore, said the competitive rates will hopefully incentivise customers to make environmentally conscious decisions when they buy a home. Mr Ang Kian Seng, group director of environmental sustainability at BCA, added that the DBS initiatives align with the Singapore Green Building Masterplan, which aims to green 80 per cent of buildings – by gross floor area – by 2030. Green Mark-certified buildings provide healthier indoor living environments while reducing energy costs, Mr Ang added. DBS is late to the green loan party, given that UOB and OCBC have been offering such mortgages since 2021. Mr Ong said the bank launched its loan offering once it had built up a robust pipeline of 'green' housing developments. It is financing 10 residential property projects in 2025 that are set to receive a Green Mark certification. These 10 properties make up 40 per cent of all the residential property launches in 2025, Mr Ong added. Home owners are eligible for a UOB green loan if their property is Green Mark certified. Unlike the DBS green home loan, which is only for private properties under construction, the UOB mortgage is available for completed private residential properties, with a minimum loan size of $250,000. The bank is offering a promotional rate of three-month compounded Sora, plus a spread of 0.7 per cent per annum – 0.45 percentage points higher than what DBS is offering. OCBC is the trailblazer in the space. Ms Maryanne Phua, its head of home loans, said the bank was the first to launch green home loans in 2021. Its product differs slightly from that of the other two banks. While DBS and UOB extend green loans for Green Mark-certified buildings, OCBC uses different criteria and requires prospective home owners to pass a BCA assessment. Home owners will be assessed on whether they are taking steps to furnish their home with environmentally friendly features. This can either be through home design, the use of energy-efficient appliances, and smart home features that regulate energy consumption. Ms Phua added that OCBC has promotional packages for both buildings under construction and completed properties. 'We have seen growing interest, and compared with 2021, the take-up of Eco-Care Home Loans increased sevenfold in 2024,' she said.
New Paper
11-06-2025
- Business
- New Paper
DBS, OCBC and UOB to recognise CPF Life payouts as proof of income in credit card applications
Applicants for DBS, OCBC and UOB credit cards will be able to use their CPF Life payouts as proof of income under policy updates by the banks. Individuals aged 65 and above can do so when they apply for a DBS or OCBC credit card from June 11, while UOB plans to implement the policy in the near future. CPF Life, or CPF Lifelong Income For the Elderly, is an annuity that provides monthly payouts to people based on their savings in their CPF Retirement Account. They can choose to start their payouts from age 65 at the earliest. In formalising the process, DBS said in a statement on June 10 that while some banks do accept CPF Life payouts as income proof on a discretionary basis, the process remains lacking in transparency and assurance. Mr Calvin Ong, DBS' Singapore consumer banking head, said the bank has over 900,000 Singaporean or permanent resident customers aged 65 and above and knows how important CPF payouts are in supporting retirees' daily needs and aspirations. "By recognising the payouts as income, we're making sure seniors continue to have fair access to credit and the cards' accompanying privileges. This move ensures banking remains accessible and meaningful for our senior customers, so they can enjoy a fulfilling retirement," he said. OCBC Bank said in response to The Straits Times' queries that it will allow those aged 65 and above to apply for any OCBC credit card using CPF Life payouts as proof of income from June 11. Mr Joseph Wong, managing director of consumer credit risk management at OCBC, said the number of seniors applying for credit cards is generally low, as most retirees typically already have credit cards. "However, we hope this announcement puts to ease any concerns seniors may have about getting access to credit even after they have stopped working," he said. Ms Jacquelyn Tan, UOB's head of group personal financial services, told ST that the new policy will be implemented in the "near future", without specifying a timeline. More retirees will be able to benefit from the perks offered by UOB credit cards as they enjoy the fruits of their labour following retirement, she said. The banks' push comes as the Monetary Authority of Singapore (MAS) confirmed that CPF Life payouts can be considered by banks as an income source. MAS rules state that people over 55 must have an annual income of at least $15,000 when applying for unsecured loan facilities such as credit cards, even if they do not have a salary or traditional income. While MAS does not prescribe what income banks must consider when assessing a retiree's eligibility, it says regular payout streams such as rent, interest, dividends or annuity payments from CPF Life or similar products can be considered. Borrowers must prove that they are earning such income in order to qualify. For instance, those who hit the age of 65 in 2025 will receive monthly payouts of up to $1,300, or $15,600 a year, if they had set aside at least $161,000 as their full retirement sum a decade ago. Besides income, individuals over 55 can also qualify for credit cards if they have total net personal assets exceeding $750,000 or if they have a guarantor with an annual income of at least $30,000. The eligibility of older folk for credit cards was highlighted in The Straits Times Forum recently when a 64-year-old retiree wrote about having an existing card cancelled when he tried to increase its credit limit for an overseas holiday.
AsiaOne
11-06-2025
- Business
- AsiaOne
More seniors to benefit as 3 local banks recognise CPF Life payouts as income proof for credit card applications, Money News
More seniors aged 65 and above will be able to apply for credit cards as DBS, UOB and OCBC will recognise CPF Life payouts as income proof. According to a statement on Tuesday (June 10), DBS said that the policy kicks in from June 11 (Wednesday). The move follows the Monetary Authority of Singapore's recent confirmation that banks can consider CPF Life payouts as a valid source of income for retirees above 65 years old interested in applying for unsecured loan facilities, such as credit cards. OCBC Bank will similarly allow seniors aged 65 and above applying for any OCBC credit cards to use CPF Life payouts as income proof beginning June 11, reported The Straits Times (ST). "DBS' official and clear recognition of CPF Life payouts acknowledges these monthly payouts as reliable, lifelong income, giving seniors fairer access to credit options that may have previously been out of reach," the bank said, adding that CPF Life payouts are now on par with other typical income proofs. "We hope this announcement puts to ease any concerns seniors may have about getting access to credit even after they have stopped working," Joseph Wong, managing director of consumer credit risk management at OCBC said, adding that the number of seniors applying for credit cards in generally low. UOB said it will begin recognising CPF Life payouts as income proof for seniors in the "near future", though a date has not been set. Prior to this, banks would assess income for credit card applications based on salary, rental and investment earnings, while CPF Life payouts were only accepted on a discretionary basis, making it harder for retired seniors to get approval for their applications. The new policy complements findings from a recent DBS study that showed how CPF payouts cover more than half of retirees' expenses, and contributes to the bank's efforts to address the needs of Singapore's ageing population. "By recognising the payouts as income, we're making sure seniors continue to have fair access to credit and the cards' accompanying privileges," said Calvin Ong, Head of Consumer Banking Group at DBS. More retirees will be able to benefit from the perks offered by UOB credit cards as they enjoy the fruits of their labour following retirement, Jacquelyn Tan, UOB's head of group personal financial services, told ST. In April, a 64-year-old wrote in to The Straits Times' forum sharing his experience of being denied a credit card from a local bank despite providing ample proof of income. At the time, he submitted a CPF statement showing that he had exceeded the Enhanced Retirement Sum of $426,000, indicating that he would receive a CPF payout of over $3,000 monthly once he turns 65. The bank denied his application, asking him to provide a bank statement with a cash balance of $750,000 instead. [[nid:718533]]
Business Times
11-06-2025
- Business
- Business Times
DBS, OCBC and UOB to recognise CPF Life payouts as income in credit card applications
[SINGAPORE] – Applicants for DBS, OCBC and UOB credit cards will be able to use their CPF Life payouts as proof of income under policy updates by the banks. Individuals aged 65 and above can do so when they apply for a DBS or OCBC credit card from June 11, while UOB plans to implement the policy in the near future. CPF Life, or CPF Lifelong Income For the Elderly, is an annuity that provides monthly payouts to people based on their savings in their CPF Retirement Account. They can choose to start their payouts from age 65 at the earliest. In formalising the process, DBS said in a statement on June 10 that while some banks do accept CPF Life payouts as income proof on a discretionary basis, the process remains lacking in transparency and assurance. Calvin Ong, DBS' Singapore consumer banking head, said the bank has over 900,000 Singaporean or permanent resident customers aged 65 and above and knows how important CPF payouts are in supporting retirees' daily needs and aspirations. 'By recognising the payouts as income, we're making sure seniors continue to have fair access to credit and the cards' accompanying privileges. This move ensures banking remains accessible and meaningful for our senior customers, so they can enjoy a fulfilling retirement,' he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up OCBC Bank said in response to queries that it will allow those aged 65 and above to apply for any OCBC credit card using CPF Life payouts as proof of income from June 11. Joseph Wong, managing director of consumer credit risk management at OCBC, said the number of seniors applying for credit cards is generally low, as most retirees typically already have credit cards. 'However, we hope this announcement puts to ease any concerns seniors may have about getting access to credit even after they have stopped working,' he said. Jacquelyn Tan, UOB's head of group personal financial services, said the new policy will be implemented in the 'near future', without specifying a timeline. More retirees will be able to benefit from the perks offered by UOB credit cards as they enjoy the fruits of their labour following retirement, she said. The banks' push comes as the Monetary Authority of Singapore (MAS) confirmed that CPF Life payouts can be considered by banks as an income source. MAS rules state that people over 55 must have an annual income of at least $15,000 when applying for unsecured loan facilities such as credit cards, even if they do not have a salary or traditional income. While MAS does not prescribe what income banks must consider when assessing a retiree's eligibility, it says regular payout streams such as rent, interest, dividends or annuity payments from CPF Life or similar products can be considered. Borrowers must prove that they are earning such income in order to qualify. For instance, those who hit the age of 65 in 2025 will receive monthly payouts of up to $1,300, or $15,600 a year, if they had set aside at least $161,000 as their full retirement sum a decade ago. Besides income, individuals over 55 can also qualify for credit cards if they have total net personal assets exceeding $750,000 or if they have a guarantor with an annual income of at least $30,000. The eligibility of older folk for credit cards was highlighted in The Straits Times Forum recently when a 64-year-old retiree wrote about having an existing card cancelled when he tried to increase its credit limit for an overseas holiday. THE STRAITS TIMES
