DBS and GS1 HK Partner for SME Digital Trade Finance Solution
(27 June 2022 – Hong Kong) DBS Hong Kong (HK) and GS1 HK have announced the launch of an innovative digital post-shipment trade financing solution powered by alternative data.
SMEs can now access same-day trade financing in a simple and digital manner by leveraging alternative data. SMEs on GS1 Hong Kong’s ezTRADE platform can now utilise their trade data to access financing in a digital and straight-through manner instead of manually submitting hundreds of invoices every month.
DBS Bank and GS1 Hong Kong’s innovation uses trade transaction data to provide SMEs in the fast-moving consumer goods (FMCG) and food & beverage (F&B) sectors with a digital post-shipment trade solution. This digital offering makes it easy for SMEs to access working capital with just one click via the bank’s corporate banking platform, DBS IDEAL.
“As a leader in SME banking, DBS is proud to partner with GS1 Hong Kong to support companies with timely working capital in this challenging business environment. By enabling the use of their trade data for enhanced access to financial services, SMEs can further fortify their business resilience. This is an optimised solution that is available to all GS1 Hong Kong members using the ezTRADE platform for transactions. SMEs can enjoy a fast turnaround time and draw down on their facility to meet the needs of their business” stated DBS HK Managing Director and Head of Institutional Banking Group, Alex Cheung.
“This new partnership with DBS capitalises on our platform’s rich datasets to enhance SMEs’ cash flow, bringing great value to our members in their continued digitalisation journey. As one of the early participants of the Hong Kong Monetary Authority’s Commercial Data Interchange (CDI) pilot initiative, we aim to nurture a collaborative digital trade finance ecosystem – building on our close collaboration with more financial institutions and delivering innovative solutions for the Hong Kong business community” said GS1 HK CEO, Anna Lin.