Singapore, 05 Jun 2020 - A DBS survey signalled that the Singapore Government’s relief measures are paying off, with only three in ten SMEs now flagging cash flow concerns as a top priority, compared to over seven in ten when the same question was asked in early February as the Covid-19 situation began unfolding.DBS’ SME Pulse Check Survey showed that eight in ten SMEs are starting to think beyond their own business and be more sensitive to the needs of the wider community. Koufu is one of 23 SMEs and social enterprises in the F&B sector that DBS is partnering to provide some 400,000 meals to the elderly and low-income in Singapore during this time of economic uncertainty. (photo credit: Koufu)
This 40-percentage point drop indicates that the combined efforts of the Government and financial institutions in supporting SMEs in their working capital needs are bearing fruit, giving SMEs much-needed relief from intense cashflow pressures that they would otherwise be facing.[1] seemed most bullish, with one in two responding that creating new revenue streams to capture growth opportunities would be their focus coming out of the extended circuit breaker period. Small SMEs[2] ranked access to working capital to keep their businesses afloat and exploring and creating new income streams as equally important.In preparing for future growth opportunities, digital transformation and workforce upskilling rank among lowest priorities – even as SMEs take first steps in digitalising amid Covid-19 In May 2020, DBS launched Singapore’s first cashless purchasing card for the logistics sector, eliminating the need for cash-based payments and collections at logistics depots, and helping to jumpstart the industry’s digital transformation. In March 2020, DBS introduced the F&B Digital Relief Package to enable F&B establishments to build a digital presence and create new income streams online in as fast as three days. In January 2020, DBS launched an industry-first solution to digitalise the largely cash and paper-based B2B payments and collections landscape for businesses in Singapore. [3] online so that SMEs can easily access free bite-sized training sessions run by industry practitioners from the comfort of home. DBS is also working with industry partners and Government agencies to roll out a series of webinars on the capabilities SMEs will require in the post Covid-19 economy, as well as avenues for SMEs to send their employees for more in-depth training.SMEs keen on making a positive difference to the community beyond their business [1] DBS defines SMEs with annual revenue above SGD 20 million as ‘medium-sized’[2] DBS defines SMEs with annual revenue of between SGD 1 million and SGD 20 million as ‘small-sized’[3] DBS’ SME Academy facilitated learning for over 1,500 SMEs across the region in 2019.[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 . 
