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Navigating uncertainty: How your new business can adapt and grow with the right support
Singtel and GXS Bank are stepping up with seamless connectivity and smart financing to help start-ups and SMBs stay competitive in an ever-evolving landscape
By leveraging the right resources, start-ups and SMBs can stay competitive and scale effectively.
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Starting a business is an exciting yet daunting journey, and many aspiring entrepreneurs in Singapore are unsure where to begin. Beyond having a great idea, start-ups and small and medium-sized businesses (SMBs) must navigate essential steps like setting up banking services, securing connectivity and managing costs – all while adapting to an evolving business landscape.
According to a recent survey by the Singapore Chinese Chamber of Commerce and Industry
Mr Ang Yuit, president of the Association of Small and Medium Enterprises, has warned that Singapore’s SMBs are facing a “red ocean” of intense competition
There are around 300,000 SMBs in Singapore, which employ 70 per cent of the local workforce.
A partnership to help SMBs scale in the digital age
Singtel and GXS Bank bring together the best of connectivity and financial support to help small and medium-sized enterprises (SMBs) scale efficiently.
As Singapore’s leading telecommunications provider, Singtel offers cutting-edge network solutions, cybersecurity protection and digital business tools to keep SMBs connected and competitive.
Meanwhile, GXS Bank – a digital bank owned by Singtel and Grab – provides flexible business banking solutions. This includes hassle-free account setup, high-interest business accounts and accessible financing options to ensure businesses have the financial agility to grow.
By tapping into this unique ecosystem, SMBs can leverage Singtel’s infrastructure to expand regionally while securing the funding they need from GXS Bank to seize new opportunities.
How to get the funding you need
Financial constraints remain one of the biggest hurdles for SMBs. According to a survey by GXS Bank, over 90 per cent of micro-businesses have considered opening a business account, but high minimum balance requirements and banking fees deter them.
For budding entrepreneurs, GXS Bank offers accessible financing and hassle-free account setup to simplify business banking.
PHOTO: GETTY IMAGES
Additionally, many sole proprietors struggle to obtain business loans, often relying on personal savings or informal loans from friends and family, which limits their growth potential.
The good news is that the GXS FlexiLoan Biz application process is hassle-free and requires no physical documentation, making it easier for these micro-businesses to access the funding they need.
GXS Bank is revolutionising business banking for SMBs by offering financial solutions tailored to their needs. Are you a sole proprietor looking for a business banking account to help your business soar?
No paperwork: With the GXS Bank app, you can sign up for a business account anywhere, anytime.
No minimum balance: GXS Bank removes financial barriers by eliminating minimum balance requirements and maintenance fees on the GXS Biz Account, allowing SMBs to separate their business and personal finances easily.
High interest: With a GXS Biz Account, SMBs can earn up to 2.38 per cent per annum (p.a.) in interest if they are Singtel customers or Grab merchant partners, providing better cash flow management.
Flexible loans: The GXS FlexiLoan Biz provides SMBs with access to financing at competitive rates starting from 4.99 per cent p.a. (Effective Interest Rate, or EIR, 9.32 per cent p.a.), with a credit limit of up to $150,000. There are no early repayment or processing fees, allowing business owners to pay off loans flexibly without penalties. You can also choose to repay a loan over as short as two months or up to 36 months.
Singtel perks: Eligible Singtel customers can boost sales and customer retention with a year’s free subscription to the Singtel Business Loyalty Lite Solution. They can also purchase selected mobile devices at special rates.
Why the right connections matter
As SMBs race to adopt AI and digital solutions, the difference between thriving and merely surviving often comes down to your connectivity backbone.
From high-speed broadband to dedicated mobile plans, Singtel helps start-ups and SMBs stay connected.
PHOTO: GETTY IMAGES
Singtel, Singapore’s leading telecommunications provider, offers a range of business solutions to ensure seamless operations:
Dedicated business mobile plans: Having a separate business mobile number helps maintain professionalism while keeping personal and office communications distinct. Singtel’s SIM-Only Business Plan allows SMBs to manage communications efficiently, flexibly and while on-the-go. Then, take it further with Singtel Paylater, a zero per cent interest instalment payment service that lets you purchase a wide variety of mobile handsets and pay over a period of up to 36 months.
Scalable broadband: Choose from broadband plans such as the 1Gbps eVolve package, which offers affordable and secure broadband tailored for startups.
With such plans
, SMBs can also enjoy a year’s free subscription to Singtel’s Business Loyalty Lite (a multi-brand membership app to launch their own digital eMembership programme) and mesh networking hardware.
Fixed line solutions: Designed for small businesses, Singtel BizVoice offers hassle-free, business-grade IP telephony with unlimited local calls and seamless compatibility with Singtel business broadband. With the BizVoice Unified Comms (UC) add-on, businesses can receive calls on any device via the BizVoice mobile app, locally or globally, without roaming charges (data charges apply if not on Wi-Fi). For Microsoft 365 users, Singtel Teams UC Direct Connect enables calls through the Microsoft Teams app using a business fixed-line number, with unlimited voice and video calls, streamlining communication in one platform.
What’s more, with all Singtel business services consolidated into a single bill, businesses can streamline their expenses and focus on real growth.
Contact Singtel at 1800 763 1111 for Singtel’s SMB solutions or register your interest with GXS today at , and learn more about how GXS Business Banking and Singtel’s SMB Solutions can work for your business.
Disclaimer:
GXS Bank terms and conditions shall apply. Account opening is subject to GXS Bank’s approval and receipt of supporting documents.
Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Effective Interest Rate (EIR) is calculated based on an average loan amount of S$10,000 with a 24-month repayment period, from 1 Jan 2025 to 1 Jan 2027.
*GXS Bank is a separate entity and is not associated with the businesses of SPH, Singtel, Grab and their entities. The GXS Biz Account and GXS FlexiLoan Biz are provided by GXS Bank. GXS Bank holds a banking licence and is regulated by the Monetary Authority of Singapore.
