DBS primes Singapore’s logistics sector for post-Covid-19 recovery, pushes digital transformation forward with launch of industry’s first purchasing card
Singapore, 07 May 2020 - DBS is pressing ahead with its efforts to support the digital transformation of Singapore’s logistics sector amid the Covid-19 situation, launching today the DBS Logistics Purchasing Card (“DBS P-Card”) – Singapore’s first cashless purchasing card[1] for the logistics sector. [2] , and the logistics sector accounts for about 7% of Singapore’s Gross Domestic Product[3] . This places Singapore favourably to ride on the projected growth of e-commerce in the region in the coming years[4] . SMEs in the logistics sector are looking to capture a slice of this growth by capitalising on the increasing need for transport and storage solutions.Today’s payment and collection process – manual, fragmented, and cumbersome DBS P-Card – simple, accurate, hassle-free payments [1] Purchasing cards, also known as procurement cards, are used by companies to enable employees to make payments for authorised goods and services, giving companies greater expenditure control and oversight. [2] Singapore Economic Development Board.[3] Singapore Department of Statistics.[4] According to a Google/Temasek study, Southeast Asia’s e-commerce is projected to grow to USD 100 billion by 2025.[END]
About DBS World’s Best Bank ” by Euromoney, “Global Bank of the Year ” by The Banker and “Best Bank in the World ” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank ” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia ” award by Global Finance for 11 consecutive years from 2009 to 2019.www.dbs.com .
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