As the coronavirus continues to spread, Singapore’s DBS has outlined a series of digital measures designed to give its business clients „contact free” banking. The bank – which earlier this month had to evacuate 300 staff after one of its own employees was infected with the virus – says the new measures, alongside financial liquidity relief options, will help businesses cope better with the situation.
It has digitalised 11 common trade financing processes to reduce reliance on physical over-the-counter exchanges and is offering clients 50 free FAST transactions a month to cut the need for physical cheque handling. Meanwhile, to help train people on how to use digital tools, the bank is running webinars and customised teach-ins as well as digitising its DBS SME Academy’s training courses.
“In these difficult times, technology plays a key role in empowering “contact-free” banking and also ensuring that life goes on with as little disruption as possible. As the world’s best digital bank, we believe it is important to harness our digital capabilities and technological know-how to deliver enhanced digital banking services to our clients. This way, they can continue to run their business smoothly while safeguarding their health and well-being at the same time,” said Tan Su Shan, Group Head of Institutional Banking, DBS.
SME customers can also apply, online, for a short-term collateral-free loan of up to S$50,000 to help with liquidity during the crisis, which is hitting supply chains, customer demand and cash flow.
DBS – first Singapore bank to introduce comprehensive digital “contact-free” trade financing digital capabilities
To minimise the need for couriers and clients’ employees to physically submit paper-based applications at trade counters, DBS will be the first Singapore bank to introduce a comprehensive suite of “contact-free” trade financing digital solutions, eliminating the need for the manual processing of trade financing solutions.
Customers can now access a one-stop portal through DBS’ Corporate Banking platform IDEAL to upload all their trade financing applications and supporting documents.
This will apply immediately to 11 everyday trade financing solutions such as letters of credit, import bills, trust receipts, banker’s guarantees and shipping guarantees. This means that customers will be able to submit trade financing applications online, as well as digitally upload and reload any required documents such as trade contracts, invoices, customs declarations and purchase orders. These applications were previously mainly done physically at trade counters or at bank branches.
They will also be able to get instant notifications of their application status through email and SMS.
With trade financing solutions digitalised, clients will also be able to retrieve their historical supporting documents online and submit their documentation and applications round the clock instead of relying on the DBS trade counters[2] and branch banking operating hours.
To help clients get familiarised with these and other new digital features, from 2 March onwards, the bank will also be progressively rolling out webinars and customised “teach-in” sessions for them.
These digital solutions were already part of DBS’ roadmap to partner clients in their drive for digital transformation, but were accelerated and made available in Singapore and DBS’ key markets of Mainland China and Hong Kong to support clients with their continued business operations during the COVID-19 situation.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
