DBS and Frasers Property have entered a three-year partnership aimed at supporting Singapore’s heartland economy. The collaboration will focus on providing assistance to over 2,000 retail tenants across 11 properties managed by Frasers Property, which collectively serve nearly half of Singapore’s population and see about 2 million shoppers each month. These malls include Northpoint City, Waterway Point, Causeway Point, and Tiong Bahru Plaza.
The agreement was formalised with a memorandum of understanding signed during Frasers Property’s annual tenant appreciation event, Retail Spark! 2025.
Under the partnership, DBS and Frasers Property will help retail tenants reduce business costs by encouraging the use of digital payments and collection solutions. Tenants will also have access to exclusive financial products from DBS, including preferential rates and benefits through the SG60 Heartland Merchant Banking package. This package offers financing support for small businesses and can provide savings of up to S$1,880 per merchant via waivers and cashback.
Shoppers at these malls are expected to benefit as well. Members of DBS PayLah!—which has a customer base of 2.9 million—and the Frasers Experience (FRx) rewards programme—serving 1.1 million members—will be able to convert their rewards points into digital vouchers redeemable at participating retailers using NETS QR codes. Joint marketing campaigns between DBS and Frasers Property are also planned.
The two organisations will collaborate on social impact projects targeting seniors, persons with disabilities, and underprivileged groups. Initiatives include bringing DBS Foundation programmes such as the Nutrition and Social Connection Programme to Frasers Property malls; this programme aims to provide twice-weekly nutritious meals to 6,000 vulnerable seniors in 12 towns over two years. The effort complements Frasers Property’s Inclusion Champions programme that trains employees and tenants in inclusivity for individuals with dementia or neurodivergent needs.
Ms Soon Su Lin, Chief Executive Officer of Frasers Property Singapore said: “This partnership represents a significant milestone in our journey to elevate the retail experience. As a leading prime suburban mall operator, our malls are strategically located in the heartlands, collectively serving close to half of Singapore’s population. Through the combined strengths of Frasers Property’s extensive retail network and DBS’ deep financial expertise, we are creating a dynamic ecosystem that empowers our tenants, rewards shoppers and uplifts communities. Together, we are shaping a more resilient, rewarding and inclusive retail landscape for all.”
Mr Lim Him Chuan, Singapore Country Head at DBS added: “With our roots as the Development Bank of Singapore, DBS has been a longtime supporter of homegrown businesses and heartland merchants. Our partnership with Frasers Property builds upon DBS’ series of initiatives to enable a more vibrant heartland economy, such as our weekly $3 PayLah! cashback that bolsters customer savings and Heartland Merchant Banking Package to support small businesses.”
“The heartland is where the hearts of our communities meet. As we commemorate Singapore’s 60th birthday, we are pleased to leverage the collective strengths of DBS’ consumer and institutional banking franchise, as well as DBS Foundation, to uplift the lives of our communities and celebrate what makes our neighbourhoods truly unique,” he said.
Frasers Property manages residential developments as well as shopping malls in Singapore through its subsidiary companies such as Frasers Centrepoint Trust[https://www.frasersproperty.com/sg]. It operates across multiple asset classes internationally with total assets reaching approximately S$38.9 billion as at March 2025[https://www.frasersproperty.com].
DBS is headquartered in Singapore with operations in 19 markets across Asia[https://www.dbs.com]. The bank has received recognition for its leadership in digital banking innovation globally.