DBS, POSB to provide instant approvals for credit cards, credit line

Singapore

DBS Bank has launched an online application service that will allow it to provide new-to-bank and existing customers instant approval for DBS/POSB credit card applications, as well as enable customers to open a DBS Cashline immediately.

With the national platform MyInfo, banks can offer a straight-through application process to the 3.3 million SingPass holders in Singapore. Consumers do not need to provide physical documents. DBS said that it typically takes up to a week for new-to-bank customers to receive their credit card or gain access to Cashline.