DBS debuts digital relief measures for COVID-hit firms

It is the first bank to launch “contact-free” trade financing digital solutions.

DBS has rolled out a slew of digital relief measures for businesses hit by COVID-19, including “contact-free” trade financing capabilities, according to a news release.

The bank is launching a comprehensive suite of trade financing digital solutions to minimise the need for clients to physically submit paper applications at trade counters, the first Singaporean bank to do so. This will apply to 11 trade financing solutions such as letters of credit, import bills, trust receipts, banker’s guarantees and shipping guarantees.

Clients will receive instant notifications of their application status through email and SMS, and will be offered webinars and teach-ins to familiarise themselves with the feature.

Existing SME clients can apply for short-term collateral-free loans of up to $50,000 that will be disbursed within 24 hours of approval. It will come with an automatic processing fee waiver.

In addition, DBS is digitising its SME Academy training courses to help SMEs and employees upskill themselves in their homes and offices.

The bank had earlier launched its first set of measures for virus-hit corporate clients on February 13.