Improving Hafary’s working capital with digital trade finance solutions

In today’s ever-changing business landscape, companies must digitalise and develop greater agility so that they can stay competitive and thrive even in uncertain conditions. But how can they find the right solutions to transform their business and streamline their processes for better performance and customer experiences? Learn how DBS supports the digital transformation of businesses into future-ready organisations through Trade Finance Solutions.


“As our trusted partner of over 40 years, DBS has been with us every step of the way to accelerate Hafary’s digitalisation. Through DBS Trade Finance Solutions, we are able to manage our working capital efficiently with online Banker’s Guarantees and our suppliers are assured of payments with electronic Letters of Credit. Additionally, our digital trade transactions with our suppliers can be approved quickly and easily, on the go.”
– Low Kok Ann, Founder, Executive Director and Chief Executive Officer, Hafary Holdings Limited

How DBS supports Hafary

  • Provides online Banker’s Guarantees for faster application, competitive rates and assurance of contractual obligations
  • Enables time savings with online Letter of Credit issuance and payment assurance to suppliers
  • Allows all-in-one access to financial tools and data through DBS IDEAL, which provides increased transaction visibility

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Success through trust and respect

One of the biggest contributors to Hafary’s success over the years is the trust that Mr Low Kok Ann, Founder of Hafary, has in his team. When Mr Low first started the business in 1980, he had to overcome several challenges and build the business from the ground up.
Despite financial adversity faced in 1998 due to the Asian financial crisis, Hafary managed to pull through under Mr Low’s leadership. It was his belief in understanding processes on the ground, staying open-minded and flexible, and respecting his team’s decisions and judgments that enabled the company to conquer these obstacles and become the leading building material supplier it is today.
“I like to always discuss matters with the team, regardless of what position they're in,” says Mr Low. “This helps us to improve, innovate and do better.”

Accessing the essential components of modern business

Singapore businesses have accelerated their digital transformation since the start of the COVID-19 pandemic in 2020, with nearly 75% of companies speeding up their digitalisation.[1] To remain competitive in this rapidly changing business environment, Hafary had to undergo digital transformation to ensure it could keep providing the same high standards of services and products to its customers.

Much like how Mr Low trusts his team, he was able to place his trust in DBS - a long-time partner of over 40 years to support Hafary in its digitalisation journey. The bank’s Trade Finance Solutions allowed Hafary to leverage convenient and timely digital solutions like online Banker’s Guarantees - guarantees of payment to beneficiaries issued by banks on behalf of a company to help manage its working capital more efficiently. 

In addition, electronic Letters of Credit (LC) gave the company’s suppliers assurance of payment and peace of mind. In the past, Hafary had to pay suppliers in advance, a major challenge during unpredictable times. Having electronic LCs ensures all documentation is in order, simplifying the process and giving confidence to both buyer and seller.

Hafary is also now able to approve digital trade transactions on the go through DBS IDEAL, improving efficiency and simplifying access to financial management and data. IDEAL also helped facilitate the company’s overseas expansion as it drew on the banking platform’s personalised suite of financial tools for quick and effortless transactions monitoring. This helped Hafary to more quickly make smarter business decisions and hence stay competitive.

With the time savings gained from these digital trade finance solutions, Hafary can focus on its top priorities: providing the highest-quality tiles and furthering its contribution to the building and construction industry in Singapore. 

Let DBS Trade Finance Solutions help your business stay competitive

DBS Trade Finance Solutions help businesses to undergo digital transformation more easily and provide essential tools to achieve even greater business outcomes.