DBS Launching Five New Digital Finance Platforms
(17 May 2022 – Singapore) DBS is ramping up digitisation of financing capabilities offered through trade platforms, set to benefit over 15,000 SMEs across Asia by the end of 2022.
With prolonged global trade disruptions accelerating the demand for digital services to strengthen supply chains, to support small businesses in adapting to the evolving landscape characterised by prolonged trade disruptions and geopolitical tensions, DBS is set to launch five new platform partnerships in 2022. The new platforms will have integrated digital and supply chain financing capabilities which are expected to benefit SMEs across Singapore, Hong Kong, China, India and Indonesia by the end of 2022.
Sectors that will benefit from the launch of the upcoming digital platforms include eCommerce, logistics and commodities. Over nine in ten of the bank's supply chain finance transactions across Asia were carried out through digital platforms last year. These efforts translated to DBS registering robust growth in revenue from trade ecosystems which doubled year-on-year in 2021.
According to the DBS Digital Readiness Survey based on direct interviews with 1,050 CFOs conducted by East & Partners, 97 percent of enterprises in Asia-Pacific have indicated that they are facing external pressure to transform digitally, citing growing supply chain complexities as one of the push factors for change. The speed of change in the surrounding macro and business environment, coupled with high costs of adopting new technologies are frequently cited as key hurdles to digitalisation.
"Corporates across all sectors and scale are feeling rising pressure to keep pace with the latest digital developments, while navigating ongoing global supply chain disruption and economic headwinds. To help relieve some of this burden, we continue to leverage our extensive suite of digital solutions to deliver integrated financing solutions that can help businesses overcome challenges and further fortify their business resilience” said DBS Group Head of Ecosystems, Raof Latiff.
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