Local banks step up to help Singapore SMEs go global

Beyond financing, they offer advisory support, link firms with partners abroad

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.
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

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.

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A version of this article appeared in the print edition of The Straits Times on March 01, 2021, with the headline 'Local banks step up to help Singapore SMEs go global'. Subscribe