Local banks step up to help Singapore SMEs go global

Singapore SMEs looking to expand overseas typically open business accounts with of the three big banks - DBS, OCBC or UOB.
Singapore SMEs looking to expand overseas typically open business accounts with of the three big banks - DBS, OCBC or UOB.PHOTO: ST FILE

SINGAPORE - When a small and medium-sized enterprise (SME) decides to take its first step outside the country, it will look for a bank where it can open a business account that offers management of its cash flows, both within the new jurisdiction and across the border.

For a Singaporean SME, that bank would typically be one of the three big ones - DBS, OCBC or UOB. Hence, for the Government's internationalisation push to succeed, the readiness of these banks to serve cross-border business expansion is crucial.

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