Singapore Tourism Board (STB) and DBS have signed a three-year MoU to stimulate domestic tourism demand in the immediate term, as well as drive cross-border demand and catalyse tourism industry development in the mid- to long-term.
The partnership – the first such collaboration between STB and a local bank – will help the tourism industry seize new opportunities by leveraging DBS’ ecosystem of services such as its travel marketplace portal, digital payments collection solutions, predictive analytics and everyday app DBS PayLah!. In addition, both companies will help local SMEs accelerate their digital transformation.
In the coming months, DBS and STB will invest in domestic marketing campaigns to encourage locals to rediscover homegrown tourism products and experiences, as well as stimulate local demand to complement the SingapoRediscovers campaign.
Both organisations will curate attractive promotional bundles for attractions, tours and hotel stays. Tapping on its predictive analytics and Intelligent Banking capabilities, DBS will work with STB to provide personalised itineraries and destination content to encourage locals to explore different precincts and learn about the myriad homegrown brands and experiences in Singapore.
DBS and STB will also collaborate on content creation and distribution to increase awareness, consideration and consumption of local tourism experiences and brands. These will be amplified across DBS platforms, which include the DBS Travel Marketplace, DBS’ social media communities such as The Burrow, and marketing channels.
Examples of content include co-development of contests and events, as well as the use of new media such as augmented reality, virtual reality and livestreaming tools to showcase local experiences.
The next phase of the partnership will target inbound leisure and business visitors through international marketing campaigns as Singapore progressively opens its borders. Like the collaboration for the domestic market, DBS and STB will customise content and introduce promotions and products for international visitors, such as flight and accommodation bundles, business events, and relevant travel insurance plans.
In addition, the partnership aims to catalyse the development of the tourism industry. As more locals shift to contactless payments, DBS and STB will help homegrown tourism businesses digitally transform so they can better engage their customers in the new Covid-19 environment.
For example, both DBS and STB will partner local businesses to pilot smart experiences such as a seamless and contactless digital payment experience at various precincts. As a start, both organisations will launch a campaign to grow demand and encourage the use of DBS PayLah! at the Bugis precinct by the end of the year.
Shee Tse Koon, DBS Singapore country head, said the partnership will help the tourism industry get back on its feet by encouraging more locals to explore their own backyard. As well, the tie-up will help local SMEs to build up their resilience and unlock more business opportunities by leveraging the bank’s consumer base, data insights and technology, he added.
STB CEO Keith Tan commented that the partnership enables the tourism board “to reach a large community of local and international consumers, and encourage them to discover, explore and support local tourism businesses”.
Furthermore, he added, the tourism board’s precinct-specific projects with the bank such as helping smaller businesses to digitalise and implement smarter tools to engage their customers “will ensure that Singapore remains a safe, trusted and preferred destination for all our visitors”.
SingaporeSidecars co-founder Simon Wong said the partnership will allow the company to tap on a wealth of insights and data capabilities that will enable it “to create and tailor brand new products and continually evolve products for local audiences”. He added: “It will also help give us access to the multiple touchpoints for our customers with a quick access payment method like PayLah! across different locations around town.”