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DBS launches solutions for logistics SMEs in Singapore

Wednesday 9 October 2019 14:19 CET | News

Singapore-based DBS Bank has rolled out a digital solutions package for SMEs in the logistics sector, which will help them tackle regional expansion.

The solution will include digital solutions powered by DBS RAPID (Real-time APIs with DBS) such as supply chain financing and traceability, real-time trade financing application, and funds settlement directly through their enterprise resource planning (ERP) or internal systems.

It also includes instant payment collections and refunds via the customers’ online portal, mobile app or DBS MAX. According to the company, Singapores logistics sector contributes about 7% to the countrys gross domestic product, and companies in the sector are looking to tap the growth of South-east Asias ecommerce industry, which is projected to grow to USD 100 billion by 2025.

However, SMEs in the logistics sector face challenges including lack of access to trade financing solutions, operational inefficiencies from paper-based and manual processes, lack of supply chain traceability, and payment and collection inefficiencies.

 


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Keywords: DBS, DBS Bank, Singapore, logistics, payments settlement, B2B payments, digital solutions package, SMEs
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Countries: World