DBS to launch 5 partnerships to enhance digital financing capabilities for SMEs across Asia
Francine Ho
DBS will launch 5 new platform partnerships with integrated digital and supply chain financing capabilities by the end of 2022, with over 15,000 small and medium-sized enterprises (SMEs) across Asia set to benefit.
In a press release on Tuesday (May 17), the bank said this comes as part of its effort to digitalise financing capabilities offered through trade platforms, as well as to help businesses adapt to trade disruptions and geopolitical tensions.
The upcoming digital platforms are projected to benefit SMEs across Singapore, Hong Kong, China, India and Indonesia, in sectors such as e-commerce, logistics and commodities and more.
DBS’ group head of ecosystems Raof Latiff said businesses are feeling growing pressure to keep pace with digital developments, while navigating ongoing global supply chain disruption and economic headwinds.
“To help relieve some of this burden, we continue to leverage our extensive suite of digital solutions to deliver integrated financing solutions that can help businesses overcome challenges and further fortify their business resilience,” he said.
Wei Li-Tuomela, vice-president of Stora Enso Oyj, a provider of renewable solutions headquartered in Finland, said that DBS helped to accelerate digital financing lines for its suppliers.
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The speed and ease of digital financing have helped smooth out the challenges amid trade disruptions, she noted.
Prior to the launch of the 5 new platforms, DBS has launched 12 digital platform partnerships with integrated digital financing and payments capabilities since 2017.
In addition, more than 9 in 10 of the bank’s supply-chain finance transactions across Asia were carried out through digital platforms in 2021. DBS also offers same-day digital supplier onboarding services to its corporate clients and has been doing so since 2019.
“These collective efforts are in line with the bank’s strategy to further catalyse the development and adoption of digital trade platforms and embedded digital financing solutions across industries to bolster the resilience of supply chains,” the bank said in its release.
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