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HONG KONG,03 March 2020 -

In the face of business continuity measures adopted by most companies across the region during this time, DBS Hong Kong today announced a slew of digital initiatives to give companies and their supply chains greater peace of mind to carry out their banking and transaction fulfilment needs. 

The “contact-free” digital initiatives will help businesses address physical banking challenges posed by banking and trade finance transactions that are still largely paper-based.

The “contact-free” digital initiatives are:

1. Digitalisation of 11 common trade financing processes^[1] to reduce the need to be reliant on physical over-the-counter trade processing.
   
   
2. With digitalisation of trade financing documentation and reduction of manual efforts, DBS enables customers and their upstream and downstream supply chains to enjoy access to working capital funding in a simpler, faster manner.
   
   
3. Opening corporate banking account and apply for internet banking services online, without physical visit to our branches.
   
   
4. Webinars and self-learning resources to train customers on how to use and benefit from the convenience that the new digital capabilities afford.
   
   
5. Digitalisation of the bank’s popular DBS BusinessClass^[2] SME Academy’s training courses so that upskilling and learning can still continue in the safety of customers’ homes and offices.
   
   

“Clients today are working in a myriad of different work arrangements and it may be not be convenient for them to physically visit the bank to fulfil their banking and trade financing needs. Understanding this, DBS Hong Kong has worked tirelessly to bring forward the launch of our enhanced suite of digital solutions, which are “contact-free”, to help businesses buffeted by the uncertainty of the COVID-19 situation. This will also help to alleviate the working capital pressure of businesses and their suppliers which in turn adds stability to their supply chains.”  Alex Cheung, Managing Director and Head of Institutional Banking Group, DBS Hong Kong, said.

DBS to introduce comprehensive “contact-free” trade financing digital capabilities in Singapore, China and Hong Kong

To minimise the need for couriers and clients’ employees to physically submit paper-based applications at branch counters or trade centres, DBS Hong Kong has introduced a comprehensive set of “contact-free” trade financing digital capabilities, eliminating the need for the manual processing.

Customers can now access a one-stop portal through DBS’ Commercial Online Banking platform IDEAL to upload all their trade financing applications and supporting documents. 

This will apply immediately to 11 everyday trade financing solutions from the realm of Letter of Credit, Collection to Open accounts. Product coverage includes letters of credit, import bills, trust receipts, banker’s guarantees and shipping guarantees. In addition to submitting trade financing applications online, they will be able to digitally upload and reload any required documents such as trade contracts, invoices, customs declarations and purchase orders.

They will also be able to get instant notifications of their application status through email and SMS.

With trade financing solutions digitalised, clients will also be able to retrieve their historical supporting documents online and submit their documentation and applications round the clock instead of only during the DBS trade counters’ operating hours.

To help clients get familiarised with these and other new digital features, starting from March onwards, the bank will progressive roll out webinars and self-learning resources for them.

These digital solutions were already part of DBS’ roadmap to partner clients in their drive for digital transformation, but were accelerated and made available to support clients and their supply chains with their continued business operations during the COVID-19 situation, thus easing the funding needs for small and medium-sized enterprises.

Promoting lifelong learning and upskilling

Even as businesses hunker down during this period of uncertainty, DBS Hong Kong is ensuring that the businesses promote lifelong learning and that employee upskilling continues. The bank will do this by moving its popular DBS BusinessClass SME Academy training courses online, enabling SME owners and employees to continue to upskill themselves in the safety of their homes and offices. In addition, DBS BusinessClass will continue to roll out relevant bite-sized business content through its online and social medial channels. Customers can access a range of training courses from financing to branding and marketing to innovation design thinking. For more details: https://www.dbs.com.hk/sme/businessclass.page

“In these difficult times, technology plays a key role in empowering everyone and ensuring that life and business do not come to a standstill. As the world’s best digital bank, we believe it is important to harness our digital capabilities and technological know-how to deliver enhanced digital banking services to our clients. This way, they can continue to run their business smoothly while safeguarding their health and well-being at the same time,” Alex Cheung said.

The latest round of COVID-19 relief measures are on the back of the Bank’s first set of relief measures for corporate clients announced on 13 February.

^[1] Import Letters of Credit, Import Bills under Letter of Credit and Collection, Trust Receipts under Letter of Credit and Collection, Banker’s Guarantees / Standby Letters of Credit, Shipping Guarantee, Purchase Invoice Financing, Sales Invoice Financing, Pre-Shipment Financing, Supplier Finance, Distributor Finance, Accounts Receivables Purchase

^[2] DBS BusinessClass is an engagement programme designed for small and medium enterprises (SMEs). A community that helps them grow their businesses and network across the region, it also provides the latest market trends and exclusive access to a knowledgeable community of Asia's business masterminds.

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About DBS

DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. 

Recognised for its global leadership, DBS has been named “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.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 28,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.

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