DBS urges firms to go digital in new round of reliefs

DBS Bank unveiled a second round of relief measures yesterday amid the virus outbreak, including financial relief packages and digital initiatives for companies to fast-track their digital adoption to carry out transactions online.

It is offering a fee-waived collateral-free digital business loan of up to $50,000, to be disbursed within 24 hours of loan acceptance. It has also raised the number of free FAST (Fast and Secure Transfers) transactions to 50 a month from 30, to promote reduced physical handling of cheques.

To reduce the need to rely on physical over-the-counter trade processing, DBS has also digitalised 11 common trade financing processes including letters of credit, import bills, trust receipts, banker's guarantees and shipping guarantees.

Customers can now access a one-stop portal through the bank's platform IDEAL to upload all their trade financing applications and supporting documents. They will be able to get instant notifications of their application status through e-mail and SMS. Clients may also retrieve their historical supporting documents online and submit their documentation and applications round the clock.

From March 2, webinars and customised teach-ins to train customers on how to use and benefit from its new digital capabilities will also be rolled out, said the bank.

Ms Tan Su Shan, DBS' group head of institutional banking, said: "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."


A version of this article appeared in the print edition of The Straits Times on February 27, 2020, with the headline 'DBS urges firms to go digital in new round of reliefs'. Subscribe