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Local banks step up to help Singapore SMEs go global
Beyond financing, they offer advisory support, link firms with partners abroad
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Guava Amenities co-founder and director Gabriel Tan with some of the products that the firm offers. Help from the Singapore Business Federation has been key to the firm acquiring a significant presence in Vietnam.
PHOTO: LIANHE ZAOBAO
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When a small and medium-sized enterprise (SME) decides to take its first step outside the country, it will look for a bank with which it can open a business account that offers management of its cash flows, both within the new jurisdiction and across the border.
For a Singapore SME, that bank would typically be one of the three big ones - DBS Bank, OCBC Bank or UOB. Hence, for the Government's internationalisation push to succeed, the readiness of these banks to serve cross-border business expansion is crucial.
