DBS launches online portal giving SMEs the digital leg up

SMEs can access accounting, digital marketing and cybersecurity solutions.

DBS launched its online portal DBS SME Connect which aims to give small and medium-sized enterprises (SMEs) across industries access to web-based business tools and services that will help accelerate their digital growth.

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SMEs undergoing a digital transformation will have access to accounting, human resources and payroll, digital marketing, ecommerce and cybersecurity solutions. New SME customers can also open an account with DBS instantly through a fully automated process which the bank estimates will see over 80% of new accounts opened through.

“The needs of SMEs are diverse … and we want to provide a greater selection of solutions that will help them build their foundational digital capabilities and accelerate their transformation journey,” DBS’ group head of SME banking Joyce Tee said in a statement.

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The portal is launched in support of the Infocomm Media Development Authority’s (IMDA) Start Digital programme which aims to help SMEs build strong digital capabilities and pave future growth by adopting digital solutions into their daily operations.

One such SME looking to sign up for the service is fintech firm SourceSage which specialises in commodity trading, the announcement noted. Since its launch in 2015, the company has expanded with offices in Singapore, Vietnam, India and Thailand.

In November 2018, DBS launched DBS MAX which was said to be Singapore’s first mobile-based QR payment collection solution that aims to improve cash flow for SMEs.