PayPal and Singapore-based DBS Bank have launched a new payment solution that allows DBS/POSB customers in Singapore to now use their bank accounts to fund their PayPal accounts and shop online with over eight million merchants worldwide in 190 markets and 24 currencies.

This exclusive collaboration in Singapore provides four million DBS/POSB customers with a virtual wallet for online global shopping.

This new service enables DBS/POSB customers to complete the funding process with greater speed and ease via DBS iBanking, according to DBS Bank.

DBS Bank managing director for Consumer Banking Group eBusiness Sandeep Lal said that this collaboration with PayPal will give their four million customers in Singapore the ability to shop online even if they do not own a credit card or feel uncomfortable revealing their credit card information online.