DBS SME Banking announced that it is doubling down on its support for small businesses with the launch of “DBS for SMEs”. The new initiative aims to help local companies strengthen their resilience by addressing key operational challenges including working capital, digital payments transformation and AI adoption, as well as how to forge a path to sustainable growth. The launch makes DBS the first bank to roll out additional support for local businesses, following the introduction of the SGD 900 million ($702 million) national support package, which includes measures to help companies navigate immediate cost pressures while investing in longer-term transformation. “DBS for SMEs” to connect businesses with expertise, networks and opportunities The initiative harnesses the bank’s expertise, programmes and ecosystem partners to help businesses strengthen their foundations, seize new opportunities and stay competitive. Support offered will encompass three broad areas: Advisory and capability-building – The bank will roll out dedicated onboarding workshops and one-on-one advisory sessions for new clients, as well as industry-focused sessions for sectors including healthcare; building and construction; industrials, chemicals and materials. DBS will also deepen engagement for second-generation business owners through programmes covering leadership succession, digital transformation and peer networking. In addition, businesses will be able to tap the bank’s flagship programmes including Spark Gen AI and ESG Ready. Cross-border payments and foreign exchange (FX) solutions – To help SMEs better manage overseas supplier payments and foreign exchange (FX) risk, DBS will introduce more benefits and savings for cross-border payments and FX transactions. Through DBS, SMEs can reach 190 countries globally and transact in 132 currencies, enabling them to expand their business to, or source goods from, anywhere in the world. To better protect cashflow and margins, the bank also gives companies the ability to lock in currency exchange rates in advance without credit lines, enabling greater certainty and control over their cross-border transactions. Financing solutions – DBS will expand its financing solutions by increasing access to project loans to support companies undertaking capital-intensive projects, including those in building and construction. The bank will also increase access to working capital loans to all eligible companies through the enhanced Enterprise Financing Scheme, in partnership with Enterprise Singapore. Nearly 1 in 2 SMEs pursuing diversification to reinforce resilience The initiative is informed by findings from DBS’ latest Business Pulse Check Survey which highlighted SMEs’ priorities around diversification, resilience and technology adoption. The study found that 45% of SMEs are prioritising diversification through new products, services or income streams, as businesses seek to reduce concentration risk and create new avenues for growth. At the same time, 43% of local businesses polled cited keeping pace with technological developments as one of their biggest challenges. Against this backdrop, “DBS for SMEs” and a new brand campaign of the same name reflect DBS’ ongoing commitment to supporting businesses at every stage of growth. As Singapore enters its next phase of economic development, the initiative aims to help companies balance immediate priorities with investments that strengthen their long-term prospects. Sharon Tan, head of SME banking, DBS Singapore said: “In today’s environment, sustaining resilient growth increasingly depends on a business’ ability to anticipate and respond to change. ‘DBS for SMEs’ reflects our continued commitment to supporting businesses of all sizes, from startups to established enterprises. It reflects our drive to convene the bank’s ecosystem of partners and capabilities to help small businesses navigate uncertainty with greater confidence and build enduring businesses for the future.” “The campaign theme ‘From start to scale’ captures DBS’ ambition to support SMEs at every stage of growth – from laying strong foundations and adapting to change, to capturing new opportunities and scaling sustainably over time. Through this initiative and campaign, we hope to broaden the conversation on what it takes to succeed in today’s volatile operating environment, where resilience is as a strategic advantage.” As part of the campaign, DBS will also spotlight a series of local entrepreneurs and the businesses behind Singapore’s everyday economy, showcasing how they are adapting to change in different ways. Re-disseminated by The Asian Banker
