DBS partners with fintech lenders
(22 April 2016 – Singapore) DBS Bank has announced a partnership with peer-to-peer lending platforms Funding Societies and Moolah Sense to increase financing options for small business clients.
The cross-referral partnership enables DBS to refer some of the smaller businesses that do not meet its lending criteria to Funding Societies and Moolah Sense. In return, the p2p lending platforms will refer borrowers who have completed two successful rounds of fund raising to DBS for a range of financial service, including larger commercial loans and cash management.
Joyce Tee, group head of SME Banking, DBS, says: “DBS’ partnership with Funding Societies and MoolahSense is a good example of how traditional and alternative finance providers can work together to support the funding needs of small businesses. Such partnerships are becoming common in markets such as the UK and we are pleased to partner two leading p2p lenders in Singapore in this pilot programme.”
The move by DBS makes it the first Singaporean bank to partner with “fintech” lenders, however it is an addition to other partnerships the bank has made with new technology players.
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