/wholesale banking

News and resources on transaction banking, corporate banking and supply chain finance.

DBS launches digital banking service for SMEs

Source: DBS

With the unprecedented challenges facing SMEs, which account for more than 98% of Hong Kong’s businesses, DBS Hong Kong is supporting SMEs with the digital tools needed to build operational resilience.

Heralding “This is DBS digibanking”, a new era of intuitive, intelligent and invisible digital banking, DBS Hong Kong is enabling SMEs to set up a new business account completely digitally in as quickly as three working days. SMEs can also access hassle-free and collateral-free financing and manage their business anytime and anywhere from the convenience of a single personalised screen, with resources and services at their fingertips.

Key features:

Fully digital business account opening, anytime and anywhere in as quickly as three working days, with artificial intelligence-enabled instant identity verification
Filling in the online application form can be as quick as just 19 minutes
Applicant can use DBS online banking platform (IDEAL) to track all application status using their mobile/email
Personalised view of online banking transactions on a single screen to facilitate convenient financial management
Check trade finance application status anytime, with same-day loan disbursement for common trade financing services
Customised FX watchlist, with real-time FX transactions
Online application process (no need to provide financial statement) for collateral-free business loan of up to HK$8 million

DBS Hong Kong CEO Sebastian Paredes said, “SMEs are an essential part of the Hong Kong economy. With many businesses struggling to stay afloat and overcome financial challenges amid COVID-19, we are fully committed to helping SMEs transform for a more resilient future. Our consistent efforts to innovate the way we serve, engage and interact with customers, are enabling them to truly benefit from a hassle-free and contact-free online banking experience. This latest transformation of the SME customer journey represents a great leap forward for DBS, and we shall continue to help drive the future of banking digitalisation.”

Alex Cheung, Managing Director and Head of Institutional Banking Group, at DBS Hong Kong, said, “There are more than 340,000 SMEs in the SAR, and they account for more than 98% of the total business community in Hong Kong. With the current need for social distancing, enabling SMEs to open a business account completely digitally in as quickly as three working days addresses a key customer pain point, and is vital to meeting their business demands and expansion needs. With this latest innovative solution, DBS Hong Kong is at the forefront of supporting SMEs’ sustainable growth, as a leader in SME banking.”

DBS Hong Kong has focused on addressing SME pain points to help businesses leverage technology to better access and manage their finances. The traditional business account opening process for SMEs can often be lengthy and tedious, and take more than one month, with numerous visits to bank branches. With DBS Hong Kong’s latest innovative solution, filling in the online application form can be as quick as just 19 minutes. The fully digitalised and seamless account opening experience allows SMEs to manage their finances and expand their businesses easily amid the challenges presented by COVID-19.

Astor Chan and Blanche Koo, founders of fashion e-commerce company May 16, said, “It is important for small businesses like ours to have a banking account that is easily accessible and manageable. DBS Hong Kong’s digital solution not only provides an agile way for account opening, but supports our business growth with value-added services, especially during the current COVID-19 situation, where contact-free banking services are vital.”

Alfred Hui, Managing Director of Hui Kee Fishball said, “We needed to diversify and optimise our business amid the current economic challenges, and required a separate business account. We were very impressed by the complete end-to-end and user-friendly innovative solution provided by DBS Hong Kong. We believe this is a real game-changer for SMEs, and will help us seize new opportunities.”

The fully digital business account opening solution is initially available to SMEs incorporated and with a registered address in Hong Kong, with up to four directors and no corporate shareholders, and all with valid Hong Kong permanent identity cards. Sole proprietors and partnerships will be offered this convenient solution in the future. From now until 31 December 2021, successful applicants for DBS Online Account Opening for Business can enjoy rewards up to HK$10,500*. Please visit https://dbs.com.hk/sme/digibanking for more information.

Comments: (0)