Whether in good times or challenging times, SMEs must be proactive in adopting fintech to stay resilient and competitive, advises DBS Hong Kong. Looking on the bright side, businesses should see this coronavirus crisis as an opportunity to embrace digital banking to reap long-term benefits down the road.

“Many SMEs are already overwhelmed and juggling different tasks on a daily basis. Their employees may not be able to afford the time to visit a branch to deal with the daily banking and trade financing matters, not to mention during this outbreak,” said Alex Cheung, Managing Director and Head of Institutional Banking at DBS Hong Kong.

“Therefore, we have enhanced our digital banking solutions to allow SME owners and employees not only to stay safe during this outbreak but also increase operational efficiency over time.”

Open a business account in as fast as two working days

Even today, it can take months to fully open a new business account. The lengthy application process begins with queuing up at a bank along with a suitcase’s worth of documents. Then, you are told to come back and provide additional information and then left waiting weeks for an approval. But with DBS Hong Kong’s new “Fast Track Online Business Account Opening” solution, you can open a business account online in as fast as two working days and without setting foot in a branch.

“The interface is very intuitive and easy to follow. The application process is very simple and our system will automatically verify the information provided,” Cheung said. “The ‘DBS Fast Track Online Business Account Opening’ solution provides SME customers with a virtual, hassle-free experience. Together with live chat, we are making the application process even more direct, faster and easier for the customer.”

Contact us at fasttrack@dbs.com to find out more about the “Fast Track Online Business Account Opening” solution.


Streamlined digital loan application helps small businesses secure financing when they need it most

Additionally, SME customers can have access to the bank’s diverse range of loan solutions, such as the SME Financing Guarantee Scheme and the collateral-free “ec-Loan”, by filling in the DBS Online Loans Application Form as employees are encouraged to work from home and respect "social distancing" in efforts to slow the spread of the virus.

Speed up the trade finance process

In the past, trade finance was largely a manual labour and paper intensive process that could take weeks to get approval from the bank. But DBS Hong Kong is committed to transforming the traditionally paper-based financing system into a more efficient and transparent digitalised model.

DBS Hong Kong has digitalised 11 common trade financing processes to reduce reliance on traditional counter services, such as letters of credit, import bills, trust receipts, banker's guarantees shipping guarantees, etc.

Digitalisation of trade financing documentation allows businesses to achieve better control of their credit facilities, reduce manual efforts and speed up the application process. The company can also retrieve historical supporting documents easily.

“Despite the challenging time we are going through, now is a good time to embrace online banking to not only maintain ‘social distancing’, but also to stay competitive and drive greater efficiencies in the long run,” said Cheung.

Please visit DBS Hong Kong SME Banking website for more details.