8.6 C
New York
Wednesday, December 8, 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

Nik Storonsky wants UK banking license by the start of 2022

Digital bank Revolut is a licensed bank in many countries but still not in the UK where the company is based.

Starling’s Anne Boden says banks must embrace hybrid working

Anne Boden, CEO of Starling Bank, worked in the office from dawn to dusk for most of her life.

Revolut is outpacing rivals in terms of app downloads in 2021

British digital bank Revolut has recorded a 37% increase in downloads of its Android app, new data shows.

The Great British Bounceback: research from Enterprise Nation and Starling Bank

Two-thirds of SME's are confident of increased turnover in 2022, Enterprise Nation and Starling Bank report in new research.