8.6 C
New York
Tuesday, July 27, 2021
Home Industry Coronavirus pushes contact-free digital banking

Coronavirus pushes contact-free digital banking

DBS unveiled the second round of relief measures on Wednesday (Feb 26) to help businesses in Singapore cope amid the virus outbreak, in a move that pushes companies to go digital at the same time.

These measures include financial relief packages and digital initiatives for companies to fast-track their digital adoption to carry out transactions online instead of relying on physical processes.

DBS has digitalized 11 common trade financing processes to reduce reliance on physical over-the-counter exchanges and is offering clients 50 free FAST transactions a month to cut the need for physical cheque handling.

“In these difficult times, technology plays a key role in empowering “contact-free” banking and also ensuring that life goes on with as little disruption as possible. As the world’s best digital bank, we believe it is important to harness our digital capabilities and technological know-how to deliver enhanced digital banking services to our clients. This way, they can continue to run their business smoothly while safeguarding their health and well-being at the same time,” said Tan Su Shan, Group Head of Institutional Banking, DBS.

Tan Su Shan, Group Head of Institutional Banking, DBS

To help clients get familiarised with these and other new digital features, from 2 March onwards, the bank will also be progressively rolling out webinars and customized “teach-in” sessions for them.

These digital solutions were already part of DBS’s roadmap to partner clients in their drive for digital transformation but were accelerated and made available in Singapore and DBS’ key markets of Mainland China and Hong Kong to support clients with their continued business operations during the COVID-19 situation.

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Starling Bank revenue skyrockets by 600%

The digital bank Starling has managed to grow revenues to £97.6 million from £14 million in the previous period.

Revolut launched a travel booking feature

After Softbank lead an $800 million investment into Revolut, the UK-based challenger bank came up with another feature - travel booking.

Kid accounts and challenger bank options for children

Revolut junior vs. Starling Bank Kite? 🤔 Once again Everly - challenger bank news joined forces with the Scientia team and their Fintech Insights, the digital banking research platform, to compare several challenger banks' junior accounts from parent's and kid's perspectives! 👍 Check the full article here

Lunar raised €210m and reached unicorn status

The Danish challenger Lunar Bank has raised €210m in Series D funding and managed to reach unicorn status.