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Banks go digital with services for start-ups and SMEs
TWO local banks have launched digital services to help start-ups and small and medium enterprises (SMEs) with their administrative processes, with one bank claiming that it has cut down the process of opening a business account down to 30 minutes.
Both DBS Bank and OCBC Bank have gone paperless with their banking efforts targeted at businesses.
DBS has done this through its newly launched portal, DBS Get Set, through which entrepreneurs can set up their business within a day through a breezy online application process.
In fact, small-business owners can appoint a company secretary to help them incorporate their business with the Accounting and Corporate Regulatory Authority (Acra) and open a bank account at the same time.
Over at OCBC, the process of opening business accounts for SMEs has been digitalised with the use of iPads, which does away with the use of paper forms and creates an end-to-end digitalised process that saves time.
Its platform has access to Acra's real-time database of business profiles, from which customer information is extracted, thus reducing the time needed for business banking managers to fill in customer details.
The digitalised process also cuts down the need for customers' signatures from 10 to just one.
The DBS portal offers SMEs other services as well, such as getting hands-on support from students of Singapore Polytechnic for the setting up of these entrepreneurs' online store, and online advertising solutions from Singtel's Adtiq.
Joyce Tee, group head of SME Banking for DBS Bank, said: "The DBS Get Set portal makes it very easy for small business owners to set up their company. "Being able to shorten the time required to start up a business from weeks to hours with only a small capital outlay helps SMEs concentrate on building their customer base."
"We will continue to focus our efforts on helping SMEs build and enhance their capabilities in e-commerce and becoming more efficient by adopting web-based solutions."
Both the DBS portal and OCBC digitalised service are already in use.