SINGAPORE - DBS Bank has launched a new service that allows small and medium enterprises (SMEs) to apply for a banker's guarantee online, which will then be delivered to them.
After applying online, SMEs can also get an indication of bank fees instantly with an online indicative fee calculator, when they submit their application.
DBS expects more than 1,000 SMEs to use this service in a year.
Banker's guarantees are used by these firms to secure financial or performance obligations.
For instance, financial guarantees are required for certain types of tax payments.
SMEs also require performance guarantees to support bids when bidding for contracts or when applying for government licences.
Ms Joyce Tee, DBS's group head of SME Banking, said: "We understand from SMEs that banker's guarantees are important for their business operations so we adopted the human-centred design discipline to bring this service online, making it easy and fuss-free; from understanding customers' needs to prototyping possible solutions, developing the solutions in-house, to revamping the entire application and fulfilment process."