DBS offers SMEs up to S$300,000 financing with DBS Quick Finance

Customers can choose between an overdraft or a loan.

DBS has launched DBS Quick Finance, an AI-driven working capital solution to extend working capital and cashflow support.

The bank will reach out to customers through the DBS IDEAL platform to offer instant financing of up to S$300,000, according to a press release. 

Gene Wong, Singapore head of SME Banking (micro & small segment), noted that Singapore SMEs may be beset with financial difficulties after a back-to-back whammy of lingering pandemic uncertainty, inflationary pressures, a GST hike, supply chain headwinds and geopolitical tensions. 

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“DBS aims to double down on our support for micro and small enterprises by tapping on our digital capabilities and advanced data analytics to pinpoint potential financial needs with greater precision, and reach out proactively before their needs become too overwhelming or urgent,” Wong said.

Customers can choose between an overdraft which can be drawn down when needed or a working capital loan which will be serviced every month.

Customers can also enjoy an application process as fast as just one minute with the use of artificial intelligence and data analytics, DBS added.

In addition, SME customers can apply for working capital loans simply by sharing their day-to-day accounting transactional records direct from Xero’s platform with DBS for credit assessment purposes.