DBS survey shows that 3 in 4 SMEs in Singapore remain positive about the future, even as 1 in 5 are ‘exhausted’ from battling the economic fallout from Covid-19

Working capital needs make a comeback among SMEs – but for different reasonsDBS continues to support SMEs with their working capital, digital and business transformation needs to emerge from the crisis stronger

In March 2020, DBS introduced the DBS 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. This was subsequently enhanced with the addition of digital solutions for e-invoicing, accounting, HR, and payroll, and re-branded as the DBS Resilience Package for F&B. Customers who took up the package could also receive cash payouts of up to SGD 10,000 under the Digital Resilience Bonus administered by the Infocomm Media Development Authority. The bank will be rolling out a similar package curated for SMEs in the retail sector in the coming weeks.

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 October 2020, DBS announced a partnership with the Singapore Tourism Board which involves catalysing the development of Singapore’s tourism industry. Such efforts include partnering local businesses to pilot smart experiences such as a seamless and contactless digital payment experience at various precincts.

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