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RETAIL BANKING | Staff Reporter, Singapore

DBS and Singtel team up to boost e-marketplace for SMEs

They aim to instantly connect SMEs to an e-commerce platform onboard the 99%SME site.

DBS has tied up with Singtel to enhance its e-marketplace for SMEs, 99%SME, in September to enable SMEs to instantly connect to an e-commerce platform hosted on the marketplace.

Also read: HSBC Singapore rolls out accelerator programme for SMEs

The furnished e-marketplace will give SMEs who are unsure of how to tap into online sales channels instant access to an online “shopfront” where consumers can browse and buy services and goods across different categories from fashion and beauty products to electronic goods and even stationery instantly, all at the click of a button, according to a media statement. 

According to DBS Bank group head of SME banking Joyce Tee, SMEs in Singapore should gear up with the right programmes and resources to give them a chance to realise their regional growth ambitions. 

Also read: UOB unveils digital solution for SMEs

“Through the 99%SME initiative, Singtel and other partners have pooled our resources with the view of helping at least 10,000 SMEs jump start and accelerate their digital transformation,” Singtel group enterprise and business group managing director Andrew Lim said in a statement. 

DBS will develop a B2B platform where SMEs can gain access to an e-marketplace to sell their goods and services to large corporate and multinational corporations (MNCs). It will also grant SMEs access to supply chain connections, financing, and payment solutions that are usually only open to large corporates or MNCs.

The development of the portal will also be backed by 99%SME partners Mediacorp, Mastercard, and Singtel and is expected to be rolled out by the end of 2018.

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