DBS has launched QuickPay, a digital collection solution for recurring and one-off resident payments, including conservancy fees, facility booking fees and sinking funds.
QuickPay, developed by DBS Bank in collaboration with homegrown PropTech company IBASE Technology Pte Ltd.
QuickPay enables Management Corporation Strata Title (MCSTs)[1] and Managing Agent (MA) companies to collect resident payments digitally in the growing number of private residential estates.
With QuickPay, payments can be made easily with a simple scan of a unique QR code. By digitalising the highly manual and paper-based collections process, QuickPay helps to unlock productivity gains for the facilities management sector and enhances cash flow for MCSTs which are typically SMEs, all while delivering greater convenience to residents.
Joyce Tee, Group Head of SME Banking DBS commented: “Covid-19 has permanently altered both consumer behaviour and business operations, and people will increasingly expect more ‘contact-free’ touchpoints. This includes payments for facility management fees, which have been cumbersome and manual for far too long. With QuickPay, not only can MCSTs and MAs meet residents’ expectations of digital payment modes, they can also enjoy improved productivity as a result of optimised, digitalised workflows. QuickPay is expected to benefit residents of close to 24,000 units in more than 30 private estates across Singapore within the next three months, moving Singapore closer to achieving its vision of being a Smart Nation.”
Ernest Ong, CEO of IBASE Technology, said. “Our customers have been asking for an e-payment solution to help them automate payments collections for a long time now. We are glad to now answer this need so simply and effectively through our collaboration with DBS Bank. By adopting QuickPay, MCST estates and building owners can drive the digitalisation of property management with cost savings for the estate and the service provider.”
Teo Poh Siang, Director of MA company Wisely 98 Pte Ltd said, “We are excited to roll out QuickPay in the estates we manage. Too much time and manpower is required to manage cash and cheque payments. I hope residents and SPs will embrace e-payments and I’m looking to automate payments reconciliation with QuickPay and help Wisely98 staff work more efficiently.”
Pang Yoke Hong, MCST Chairman of The Casablanca, said, “QuickPay will help streamline our payment collection process, thereby minimizing the risk of lost or bounced cheques and unaccounted cash. We look forward to our residents enjoying the convenience of making payments with a simple scan of a QR code, and having the collections immediately deposited into our MCST account with full transaction details automatically captured in the back-end accounting system without having staff doing paperwork.”
The digitalised collections process helps MCSTs and MAs mitigate the inherent risks of cash and cheque mishandling or loss of paper receipts and records. The solution also offers MCSTs lower transaction costs, reduced operating expenses, and expedited conversion of receivables to receipts, enhancing working capital management, especially crucial during Covid-19.
