Accelerating change in the automotive industry
The automotive industry is rapidly evolving in Singapore, as persistently high COE prices and environmental concerns spark the rise of car sharing services and growing demand for electric vehicles.
Amid this shifting landscape, DBS Bank is supporting businesses across the sector navigate these changes through innovation. Through strategic partnerships with three automotive clients—Eurokars, Getgo, and Lumens—the bank has demonstrated its ability to foster growth in the critical areas of connectivity, sustainability, and digitalisation.
We speak to these three companies to discover how DBS’ support is helping them reshape the automotive landscape in Singapore and beyond.
Lumens: Enhancing efficiency through digitalisation
Lumens, a leading player in the private hire vehicle leasing industry, faced the challenge of managing an expanding fleet that grew from a handful to thousands. The company's digitalisation journey was sparked by the need to efficiently manage this growing fleet and collect rentals in a regulated environment.
In particular, Lumens was looking for a scalable solution to efficiently collect daily rental payments from its drivers. DBS stepped in with a seamless digital solution—DBS IDEAL Connect host-to-host.
The DBS IDEAL Connect host-to-host is a solution that connects you to the bank 24/7, allowing for straight through processing and real-time payments to be received. “With this digital payment solution, I can streamline our operation and scale our business. A lot of people think we are just a traditional car rental company. But we believe we are running our people-first business and digitization helps us focus on what's important to best serve our clients,” said SC Chiam, Chief Operating Officer, Lumens.
GetGo: Driving sustainability with car sharing
In response to shifts in mobility preferences during the COVID-19 pandemic, entrepreneurs Toh Ting Feng and Johnson Lim launched Getgo, a car-sharing service aimed at providing sustainable and accessible private mobility options.
Recognising the potential for a more eco-friendly approach to transportation, the start-up partnered with DBS to finance the introduction of electric vehicles into their fleet.
DBS also worked closely with Getgo to integrate seamless payment solutions into their app to enhance the user experience.
“Using a car sharing service, it's much more sustainable than owning a vehicle. And we aim to take this a step further by introducing electric vehicles. And that's DBS came in to help us in terms of financing and moving towards our mission,” said Toh Ting Feng, CEO and Co-Founder, GetGo.
Getgo's ambitious vision for the future, supported by DBS, is to serve over a million households in Singapore by 2030, significantly reducing the need for car ownership and fostering a more sustainable urban mobility landscape.
Eurokars Group: Financing regional ambitions
Eurokars Group, the largest privately-owned car distributorship in Singapore, has enjoyed a long-standing partnership with DBS Bank that spans three decades. The bank’s proactive financial support and extensive regional network have been instrumental in facilitating the company’s expansion both locally and abroad, particularly in Indonesia. Furthermore, the bank’s digital solutions enabled the company to conduct its financial transactions without disruption during the COVID-19 pandemic.
“DBS goes the extra mile to understand our business requirements and facilitates connections to new opportunities. They have an extensive network in the region and that gives us the confidence to venture into new markets,” said Ong Lay Ling, Group CEO, Eurokars Group.
DBS's commitment to understanding Eurokars' business needs and connecting them to new opportunities has given Eurokars the confidence to explore new markets and continue on its international growth journey.
DBS’ focus on digitalisation, sustainability, and connectivity has proven to be a game-changer for its clients in the automotive industry. By offering tailored solutions that address the unique challenges and aspirations of companies like Lumens, Getgo, and Eurokars Group, DBS is helping them realise their growth ambitions across key aspects of their operations.
To find out more about how DBS can support your business needs, visit our website here.
