Commercial Banking

It wasn't all that long ago when businessmen had to endure long queues and reams of paperwork to complete even simple commercial banking tasks. Thankfully, technology in recent years has radically changed the way business banking in Singapore is conducted.

Indeed, the financial services sector is one of the biggest spenders on technology, allowing banks to evolve rapidly and offer services beyond making loans and taking deposits from individuals and businesses. Fuelled by the Internet, mobile devices, and newer innovations, enterprises in Singapore now enjoy a paperless, anytime, anywhere relationship with their banks.

This technological evolution has particularly benefited young businesses, with products like DBS's Business Multi-Currency Account – Starter Bundle eliminating traditional barriers such as minimum balance requirements and monthly fees that previously excluded companies under three years old.

You can now transfer funds between two business accounts within minutes or generate financial reports on click of a button, with the commercial banking online services. This gives you greater control over your company’s finances and helps you make more informed decisions.

For instance, DBS Bank's online banking platform for businesses, DBS IDEAL, offers a wide range of products and services to manage your funds - from monitoring incoming funds and viewing remittance advice and statements for reconciliation purposes to paying your employees and suppliers.

The platform's transactions service lets you make payments quickly and easily. Payment information can be saved in easy to use templates for greater convenience when making recurring payments or payroll. You can also manage your entire trade finance cycle on a single platform, from order to production, shipment, delivery and settlement.

Meanwhile, mobile communications is the fastest-growing platform for banking interactions and transactions. With the DBS IDEAL™ Mobile App, you can access your account from anywhere in the world on a mobile device, enabling you to manage your cash flow more effectively with instant access to balances, secure on-the-go payments, and real-time oversight of your finances around the clock.

Likewise, businesses can apply for a DBS Business Multi-Currency Account or Starter Bundle online in minutes, saving them a trip down to a branch. All these innovations will mean spending less time at the banking hall, and more on the critical task building your business amid an increasingly complex and volatile landscape.

As your business adopts more digital tools, it becomes just as important to manage the payments behind them. For businesses with an existing DBS Business Multi-Currency Account or Starter Bundle, the DBS Business Advance+ Card offers a convenient way to track and manage these payments through DBS IDEAL, while enjoying benefits such as unlimited 1% cashback on everyday B2B spend and $0 FX fees across 200+ countries and territories.