DBS Indonesia announces two Digital Launches

DBS Indonesia has announced that it has launched two new wealth products on its digibank platform, the Rekening Valas which is a Multi-Currency Account and Obligasi Pasar Sekunder, which is a Secondary Bond service.

This recent launch is part of DBS Indonesia’s intent to introduce a new set of digital wealth management products to Indonesia, as it democratizes wealth management and avails products to clients of all segments, the firm said in a press release.

The Rekening Valas is an all-in-one currency account which avails 10 different currencies to the firm’s clients. Major currencies such as the USD, SGD and AUD on top of IDR are part of this offering. Besides an easy way to manage the account as there will only be one account number, clients stand to enjoy competitive FX rates, which are amongst the best in the industry, read the press statement. Besides, this account can be accessed day and night, on a 24x7 basis on weekdays and weekends. So clients can transact and trade anytime, anywhere and enjoy an ‘always on’ mode.

The second product launched is the Secondary Bonds, which is the first to be introduced by DBS in the region. At the moment, even the iWealth app in Singapore and HK do not have bond offerings. As bonds is a big part of Indonesia’s wealth management landscape, introducing this product will allow the firm’s clients to capture market opportunities, and buy or trade secondary government bonds easily.

Both the IDR-denominated as well as USD-denominated are offered. Besides enjoying an ‘always on’ mode, as clients can transact 24x7, the minimum size of these bonds is very low, 1 million rupiah (SGD 100) for IDR-denominated bond and 1000 USD for the USD-denominated bonds. Hence clients of all segments will find these bonds accessible. Rates are competitive and clients get a good selection of bond offerings, both the secondary as well as primary bond offerings can now be bought through the Digibank platform easily, reports DBS Indonesia.

More launches such as online UT and a refreshed look-and-feel on digibank are in the pipeline and will be progressively rolled out later this year. As DBS Indonesia seeks to revolutionise wealth management and introduce its digital capabilities to Indonesia, the firm reports that it is confident that clients here will find its digital wealth offerings interesting, relevant and engaging.