The Development Bank of Singapore (DBS) has just launched its unique DBS FasTrack for F&B businesses in Singapore. Marking this launch, Koufu, one of Singapore’s leading foodcourts, will become the first foodcourt in Singapore to debut the full implementation of DBS FasTrack at shopping mall 100 AM on Tras Street.
The public can order and pay for their meals via Koufu’s app and collect their meals at any of the 14 stalls at the food court without queueing – a first in Singapore.
Going forward, Koufu plans to implement the DBS FasTrack solution across its outlets, starting with some 100 stalls islandwide, DBS said.
In addition, DBS’ partner Applied Mesh has obtained pre-qualification under IMDA’s enhanced iSPRINT program, so SMEs can implement the DBS FasTrack solution at lower cost. Jointly developed by DBS and solutions provider Applied Mesh, DBS FasTrack is a solution that can help F&B businesses tackle many of their current challenges such as high operating costs and manpower challenges. It is the first solution of its kind co-produced by a Singapore bank.
Mr Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore) of DBS Bank said “Innovation is the lifeblood of DBS and of Singapore. As we continually strive to create innovations that better our lives and businesses, having the support of IMDA helps in ensuring the sustainability and widespread implementation of such solutions.”
“Their endorsement of Applied Mesh as a pre-qualified solution bears tremendous significance for DBS FasTrack, it affirms our faith that Singapore-borne solution can tangibly benefit and improve the productivity of F&B businesses here for years to come. Apart from businesses, the solution benefits customers as it completely removes the need for queuing,” Mr Soo said.
Mr Chia Hee Meng, CEO and founder of Applied Mesh said, “We at Applied Mesh are excited to partner DBS Bank, enabling DBS merchants and customers to order-pay-fulfill seamlessly through the technology we design and build. Customers get convenience while merchants save costs and tap into the spending power of the DBS customer base. DBS Bank also gains a new channel to serve and monetise its merchant and customer base.”
When drinks outlet Old Tea Hut launched their DBS FasTrack-powered app in late May, it saw more than 2,500 downloads in the first two weeks. During the same period, the app also provided more than 10 percent increase in sales for the Marina Bay Link Mall outlet – without additional manpower. After the implementation of DBS FasTrack, Five Star Hainanese Kampung Chicken Rice Restaurant (Five Star Restaurant) saw their takeaway and drive-through order turnaround time reduced by some 80 percent, as customer orders and payments are now automated by DBS FasTrack.
“We welcome the support of business enablers such as banks and telcos as this could help more local SMEs deploy innovative tech solutions. IMDA will continue to work closely with the industry to help SMEs seize greater growth opportunities and enhance business capabilities through the use of smart technology,” said Mr Khoong Hock Yun, Assistant Chief Executive (Development), Infocomm Media Development Authority (IMDA).
DBS informed on its release that to celebrate DBS FasTrack’s official launch, customers will enjoy 10 percent off ala carte orders via the Koufu app which is available in iOS and Android.
Other businesses which plan to implement DBS FasTrack in future include Boon Tong Kee, Li Xin Teochew Fishball, Tiong Bahru Bakery, Wolf Burger, Miam Miam, Qi Ji, Aloha Poke, and Food City @ Midpoint Orchard. Together with existing customers Old Tea Hut, Five Star Restaurant, Old Kim Guan (OKG Express) and Koufu. “DBS FasTrack is expected to be implemented in some 150 outlets across Singapore by Q3 2017,” DBS said.
To find the list of F&B apps powered by DBS FasTrack, simply search for ‘DBS FasTrack’ at the Apple or Google app store. Further information about DBS FasTrack is available at its website.