DBS rolls out online banker's guarantee application for SMEs

DBS Bank has launched a new service that lets small and medium enterprises (SMEs) apply for a banker's guarantee online and have it delivered to their doorstep, it said in a press release on Tuesday.

Describing the service as "a first in Singapore", DBS said the SMEs will be able to "get an indication of bank fees instantly" using an online indicative fee calculator when they submit their application.

"More than 1,000 SMEs are expected to benefit from this service in a year," DBS said, noting that SMEs use banker's guarantees to "secure financial or performance obligations" such as support for contract bids.

It did not specify pricing details but said SMEs can get a "fee waiver of S$100 and free document delivery service" until Dec 31 this year.