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.
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.
Tan Su Shan, group head, institutional banking, DBS, says: "Both the short-term financing relief packages and the longer-term digital adoption plans that are being made available to clients now will help businesses with their immediate cash flow needs and their longer term digital transformation efforts which should continue even in the face of economic headwinds."