DBS Bank
Singapore’s DBS Bank has made great headway among small and medium-sized enterprises in Hong Kong. The bank’s offerings for SMEs are not all unique, but their implementation and success stand out.
One way it has achieved this is by opening up DBS BusinessClass, its hugely popular initiative in Singapore, to Hong Kong SMEs and startups. By using BusinessClass, SMEs have a chance to network and expand their businesses.
In March, the Hong Kong unit also launched an online SME academy series, which offers training to SME owners.
DBS, under Hong Kong chief executive Sebastian Paredes, also kicked off a new online loan application system for its SME customers, even conducting online credit checks for urgent financing requirements.
Companies needing trade financing support have something from DBS too. The bank offers an online portal where clients can upload all their supporting documents and applications for everything from letters of credit and trust receipts to bank guarantees.
DBS upped the ante this year as the Covid-19 outbreak hit Hong Kong’s SMEs hard. In February, it launched a number of relief measures for SMEs in line with other banks, including principal-repayment moratoriums on term loans, maturity extension for trade facilities, as well as flexible funding and interest rate discounts for businesses focused on producing medical resources during the pandemic.
In April it also started a fast-track, fully virtual and contact-free account-opening process for SMEs, with video conferencing options available with relationship managers. DBS also tied up with Chinese electronics company Haier Group in April to offer digital financing to distributors in a bid to provide liquidity support for SMEs during the crisis.