DBS Hong Kong Debuts Digital SMB Banking Tools

DBS Hong Kong has rolled out a new platform of digital tools to help small- to medium-sized businesses (SMBs) through the tumultuous times caused by the pandemic, according to a news release from the company.

The platform aims to help companies get into digital banking and access benefits like collateral-free financing and flexible business management, the release stated.

Key features include the aforementioned fully digital business accounts, along with quick application processing, according to the release. There is a personalized view of online banking transactions on one screen to help with convenience, and users can check trade finance applications whenever they want and access same-day loan disbursement for common trade financing services.

There is a custom foreign exchange watchlist and real-time foreign exchange transactions, the release stated, and users can apply online for collateral-free business loans up to 8 million Hong Kong dollars (about $1 million).

Sebastian Paredes, DBS Hong Kong CEO, called SMBs “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 [SMBs] transform for a more resilient future,” he said, according to the release. “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.”

Alex Cheung, managing director and head of Institutional Banking Group at DBS Hong Kong, said the 340,000 SMBs in Hong Kong account for “more than 98 percent of the total business community” there.

“With the current need for social distancing, enabling [SMBs] 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,” he said, according to the release.

Earlier in the pandemic, DBS Hong Kong introduced a contact-free way for SMBs to set up business accounts, which are able to be completed in two days and allow for virtual meetings with DBS relationship managers.



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