Third, it is the first commercial debit card in Southeast Asia that enables companies to manage multiple accounts and transactions via a one-stop portal, DBS IDEAL. With DBS IDEAL, finance teams can simultaneously track and manage multiple debit card accounts, including checking account balances and managing transactions in real-time. This provides companies enhanced visibility and control over their card expenses.While BAC+ is designed to meet the needs of businesses at all stages of growth, DBS recognises the importance of providing companies in their early growth phases with as much support as possible.To address this, today the bank also launched the DBS StartUp Movement in partnership with ACE.SG and Visa, aimed at fostering a community of support for early-stage enterprises. This initiative offers businesses resources and strategies for optimising cash flow and navigating financial challenges in an increasing volatile market. Additionally, businesses will gain valuable insights into financial planning, budgeting and the path to profitability.Koh Kar Siong, Group Head of Corporate and SME Banking, DBS, said: “Cross-border payments have become indispensable for businesses. However, market uncertainty and volatility presents significant forex risk to companies transacting in multiple currencies. The DBS Business Advance+ Card is designed to help businesses navigate these challenges by leveraging the bank’s deep capabilities in digital payments and foreign exchange, as well as our extensive experience in doing business across Asia. It supports businesses at every stage of their growth by enabling them to better manage their cost, giving them greater peace of mind and empowering them to compete more effectively in an increasingly globalised digital marketplace.”Adeline Kim, Visa Country Manager for Singapore & Brunei, said: “At Visa, we are committed to supporting small businesses and their digitisation efforts. Based on our data, we’re seeing that slightly over half of all commercial card spend on debit cards are cross-border and there is a clear need to support businesses in managing their foreign currency volatility. We believe that by providing them with the right tools and resources, we can help them thrive in an increasingly digital marketplace. Our partnership with DBS to launch the DBS Business Advance+ Card is a testament to this commitment. With this card, we can continue to support small businesses and empower them to make secure and seamless payments locally and globally.”Saurav Bhattacharyya, Chairman, ACE.SG, said: “Partnering DBS as they launch their DBS StartUp Movement and curated digital financing solutions aimed at globally aligned businesses is timely. Access to these financial tools from DBS and Visa, and having the ecosystem come closer together will be integral in helping and supporting many founders, entrepreneurs and businesses scale sustainably in this volatile climate.”BAC+ and the DBS StartUp Movement is the latest in DBS’ ongoing efforts to help businesses diversify and transform their operations, including capturing cross-border opportunities. In June, the bank launched the Bridging Business Horizons Programme, with support from the Singapore Business Federation and Enterprise Singapore, to help companies expand into new markets across Asia.
[1] Visa’s commercial card spend as of June 2024.[2] From 16 August to 31 October 2024, users earn an additional 1% bonus cash rebate on top of 1% base rebate on selected business-to-business expenses with a minimum spend of SGD2,000 per month
