DBS launches initiative to build SME capabilities for resilient growth
Bank will provide support through advisory, upskilling and financial solutions
DBS, Singapore's largest bank, has unveiled a new initiative named "DBS for SMEs" to help local small and medium-sized enterprises (SMEs) strengthen their resilience in the face of a complex business environment. The program will provide advisory, upskilling, and financial solutions to address key operational challenges such as working capital, digital payments transformation, and artificial intelligence adoption.
This initiative is part of a broader campaign rolled out on National Day, in response to the Singapore government's S$900 million support package for managing cost pressures amid ongoing global conflicts.
DBS' initiative leverages the bank's expertise, programs, and ecosystem partners to bolster SMEs' business foundations. It covers various aspects of SMEs' operations, including cross-border payment and foreign-exchange solutions, advisory and capability-building, and financing solutions. SMEs can benefit from lock-in exchange rates in advance, transacting in 132 currencies, and accessing the bank's reach in 190 countries to expand their business or source goods globally.
The bank will also host onboarding workshops, one-on-one advisory sessions for new SMEs, industry-focused sessions for sectors like healthcare and construction, and programs on leadership succession, digital transformation, and peer networking for second-generation business owners. Additionally, SMEs can access DBS' Spark GenAI programme and ESG Ready Programme, which focuses on building internal sustainability capabilities.
The DBS initiative aims to provide increased access to project loans for SMEs undertaking capital-intensive projects, such as those in the construction sector. Furthermore, eligible firms will have more access to working capital loans through the enhanced Enterprise Financing Scheme, offering a higher 70% government risk-share for SME Working Capital Loan and Project Loan.
According to DBS Singapore's head of SME banking, Sharon Tan, the initiative reflects the bank's commitment to helping small businesses navigate uncertainty with confidence and build enduring businesses for the future. A recent survey by the local bank indicates that nearly half of Singapore's SMEs are pursuing diversification through new products, services, or income streams, while 43% cited keeping pace with technological developments as their biggest challenge.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
