DBS rolls out digital relief package to help F&B businesses tap new income streams amid Covid-19
Plug-and-play digital solutions to help F&B SMEs overcome the challenges of tightened safe distancing measures
With Singapore residents being encouraged to change their eating habits from dining out to dining in, DBS is working with two homegrown technology startups, Oddle and FirstCom, to offer F&B businesses the ability to set up an online food ordering site in just three business days.
Supported by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore, DBS’ F&B digital relief package aims to help the F&B services industry go online, creating new income streams for them while catering to the nation’s growing need for takeaway and delivery meals.
Joyce Tee, Group Head of SME Banking, DBS, said that through conversations with F&B clients and industry groups to understand their immediate challenges, she realised that the industry is grappling with fewer dine-in patrons due to stricter safe distancing measures implemented by the authorities as a result of the Covid-19 situation.
“The DBS F&B digital relief package elevates our support for the F&B community by creating an ecosystem of government partners and homegrown technology startups to help affected businesses overcome cashflow challenges by creating new income streams fast. The digital solutions in our package can be implemented with minimal lead time, allowing F&B businesses to tap into a rich online consumer base in just days rather than months. More than ever, SME banking today is more than just transactional relationships. It is about staying the course even when times are bad. In unprecedented times like these, DBS is actively rallying the industry to ensure the viability of our customers and their employees’ livelihoods,” Tee added
Unlocking new income streams for the F&B services industry through digital solutions
Oddle will support DBS’ F&B clients by establishing a branded e-menu with integrated shopping cart, order management and payment gateways in as few as three business days. This will allow merchants to immediately establish a digital presence and access previously untapped pools of online customers. Oddle will also ease the onboarding process to their F&B platform by providing training and a social media kit for merchants to further power online sales through digital marketing tools.
To access the DBS package, DBS’ F&B customers need only pay a preferential rate for these services, as compared to commission rates of as high as 30% on other industry digital platforms. Additionally, Oddle will also allow F&B SMEs the option to integrate with Oddle's preferred logistics partners who may want to ride on the growing preference for on-demand food delivery. Oddle’s system currently powers over 3,000 F&B brands, including Soup Restaurant, Arnold's Fried Chicken and A-One F&B.
FirstCom will help DBS’ F&B customers who already have an online presence to amplify their digital marketing efforts by offering merchants preferential rates for digital marketing services, which includes setting up and managing businesses’ social media presence on Facebook and Instagram. For F&B brands that are new to ecommerce, FirstCom will also be able to help them set up a digital presence in fewer than five working days.
With cashflow the lifeblood of an SME business, FirstCom will also integrate DBS’ digital merchant collections solution, DBS Max, as a payments and collections option in their respective ecommerce solutions. Additionally, DBS will absorb the set-up costs for DBS Max and waive Merchant Discount Rates for six months for FirstCom customers adopting DBS Max. FirstCom has served over 4,500 SME clients to date and has powered the digital marketing efforts of Singapore’s National Day Parade since 2017.
Jane Lim, Assistant Chief Executive, Sectoral Transformation Group, IMDA, said: “We are heartened to see the industry step up with efforts to encourage digital adoption in support of our call to “Stay Healthy, Go Digital”, such as DBS’ latest suite of offerings. In spite of the Covid-19 situation, we want to enable enterprises to carry on with their business operations as much as possible. Going digital is key; it not only allows our local SMEs to tide through the current climate, but also positions them to emerge stronger and more competitive when the economy recovers.”
Tee said that DBS is also exploring additional last mile delivery solutions for F&B merchants as the bank believes the current situation is bound to reshape dining patterns. This allows F&B businesses to offer their own on-demand food delivery services and better position them to ride on the growing norm of dining in.
Tee added, “As a result of Covid-19, consumer behaviour is likely to change as web-shy consumers are now pushed to embrace online food orders and doorstep deliveries. To adapt to the shifting business landscape, we are tapping into our digital capabilities as the World’s Best Digital Bank to empower our corporate customers to transform their businesses to keep pace with the changes. We are confident that today’s measures, coupled with our suite of digital payment and financing solutions, will help F&B businesses turn adversity into opportunity and place them in a stronger position to seize the growth opportunities that will emerge when this crisis passes.”
DBS’ F&B digital relief package is expected to be available by the end of March 2020, and the bank will be proactively engaging its F&B clients on how they can access these solutions. More details can be found at https://www.dbs.com.sg/sme/covid-19-relief-measures/fb-digital-relief-package
DBS’ F&B digital relief package comes on the back of two rounds of relief measures to address cash flow challenges faced by the SME community. These liquidity relief measures include a six-month principal repayment moratorium for SME property loans announced on 13 February, and a collateral-free Digital Business Loan of up to SGD 50,000 disbursed within 24 hours of loan acceptance announced on 26 February.
Spokesperson quotes from Oddle and FirstCom, as well as S L A T E ., a restauranteur affected by the Covid-19 situation, can be found in the Appendix.
 Statistics Singapore Food and Beverage Services Industry infographic - https://www.singstat.gov.sg/modules/infographics/-/media/472BC5D302D645F6A93C10092EF95CFF.ashx
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 our 28,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
Quote from Oddle
Lim Ze Yan, Founder of Oddle, said: “At Oddle, we believe in building a sustainable ecosystem for the F&B industry. We are pleased to partner DBS in offering our integrated online ordering system to the F&B community in Singapore. Our digital solutions allow restaurant owners to access new pools of online customers and create sustainable and effective revenue opportunities amid the current Covid-19 situation.”
Oddle is Asia's leading cloud-based, F&B driven e-commerce and order management solution. Today, Oddle enables more than 3,000 restaurant owners to manage and engage with their customers professionally. Oddle allows restaurant owners to develop and implement effective O2O (Online to Offline) strategies to drive business growth by enhancing customer experience and improving retention and repurchase rates. Oddle is assuredly every restaurant owner's essential ingredient for guaranteed success.
Oddle is backed by SPH Ventures and Wavemaker Partners, both renowned early-growth venture capital investors.
Visit www.oddle.me to find out more.
Quote from FirstCom
Jim Giam, Founder & Director of FirstCom Solutions, said: “As a one-stop digital agency trusted by the SME community in Singapore, FirstCom is delighted to work with DBS to offer our suite of web development and digital marketing capabilities to F&B businesses here. We look forward to partnering F&B businesses in powering their e-commerce presence, which will go some way in driving sales especially during this period.”
Quote from S L A T E .
Adrian Yeo, Owner of S L A T E ., a two-month old restaurant located at Purvis Street, said that the going was tough, and that he would definitely be keen to tap into DBS’ F&B digital solutions. “People are just not dining out as often as they used to because of the Covid-19 situation, and this has hit F&B businesses like mine hard. My team and I are doing our best to make the most of a challenging situation and finding new ways to reach out to customers beyond our restaurant. DBS’ F&B digital relief package will give us a leg up in becoming ready for e-commerce, and this is helpful because if customers are getting their food cravings satisfied online, then that is where we need to be.”
About S L A T E .
Opened in February 2020, S L A T E . is a dual-concept restaurant located at 24 Purvis Street. Café by day, it serves unique takes on hearty brunch items, best enjoyed with expertly brewed specialty coffee. At night, it is a bar and restaurant, serving Asian Contemporary food paired with a thoughtfully curated selection of wines, craft beers and bespoke cocktails.