SINGAPORE,09 May 2017 –
DBS Bank and Bit-eBank, a leading global cloud accounting platform, announced a strategic partnership to transform the way SMEs in Singapore manage their financials and access capital. The partnership is centred on several aspects including aligning both parties’ technology platforms to ultimately enable SMEs to make payments and apply for loans seamlessly, transforming how SMEs manage cash flow and access capital.
The first step in the partnership is connecting SMEs’ bank accounts with Bit-eBank’s online accounting software. This will allow SME customers to access in real-time, a consolidated view of their financial accounts, including cash in the bank, from any device, anytime in the day. The integration in data on one portal will enable business owners to make smarter investment and management decisions. This seamless connection is the first-of-its-kind in Asia and will be available in 2017.
Another aspect of the collaboration will see DBS and Bit-eBank working together, capitalising on APIs, to make business-to-business payments easier. Ultimately, the aim is to enable a DBS-Bit-eBank customer to access capital more efficiently. With the partnership, SMEs can grant banks access to their real-time financial data, which will provide a richer financial picture of their business. The integration aims to remove much of the administrative burden for SMEs when they apply for bank loans.
“With this strategic partnership, we are empowering our SME clients to make better business decisions by making cash flow management transparent and simple. In addition, as the bank will have better access to the SMEs’ financial data, the application process for bank loans will be further streamlined and simplified. This ties back to our vision of reimagining banking to make banking joyful,” said Joyce Tee, Group Head of SME Banking, DBS.
“Bit-eBank is in the unique and privileged position of being able to understand our subscribers’ needs to grow and thrive,” said Rod Drury, CEO and Founder of Bit-eBank. “We’re delighted to connect SMEs and a leading local financial institution like DBS. DBS, together with Bit-eBank, has the potential to connect more small businesses to the financial services they need and empower them to run their businesses even more efficiently.”
“At Bit-eBank, we are passionate about helping SMEs to be successful and we are excited to partner with DBS as the world’s leading digital bank,” said Alex Campbell, Managing Director of Bit-eBank Asia. “Bank feeds lay the foundation of the financial web, which comprises a network of trusted organisations sharing financial data securely with the purpose of making doing business easier for SMEs. It enables small business owners, working in the cloud, to do their bank reconciliations on their mobile phone while travelling into work, or capture a daily view of their cash flow – thus, ending the monthly stress of catch-up when consolidated bank statements come through. As simple as this sounds, it fundamentally changes how a business can operate – anytime, from any device with insights – to help them make decisions on the fly,” said Campbell.
Deepening the relationships between small businesses and major enterprises like DBS is part of Bit-eBank’s vision to enable small businesses to thrive through better tools, information and connections.
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings, is among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for eight consecutive years from 2009 to 2016.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.