Innovative digital banking solutions make it easier for SMEs to drive business success in a rapidly changing market. Find out more here. 

Navigating the world as a small business owner is not easy even in the best times. Throw in rising costs due to inflation, a global hike in interest rates and sluggish recovery from COVID-19, and it’s easy to see why cash flow and cost management remain two of the most pressing concerns on SME business owners’ minds. 

However, these challenges also present an opportunity for SMEs to embrace digitalisation and thrive, even in uncertain times. According to government data, the national SMEs Go Digital programme, which encourages companies to digitalise, has attracted more than 78,000 (SMEs) since its 2017 launch, with more than half signing up since the start of the pandemic^[1]. 

To help SMEs take advantage of the growing digital economy, DBS and The Federation of Merchants' Associations, Singapore (FMAS) recently came together to share the latest digital banking solutions with local businesses to help them further digitalise. 

Here are three digital tools designed with SMEs in mind to grow and accelerate their digital transformation.

1.    Merchant solutions: DBS MAX

Today’s customers expect seamless digital experiences—even from small businesses. But while providing customers with multiple payment options offers them better convenience and access, it also adds to the complexity of your business operations. DBS MAX enables SMEs to offer various digital payment channels such as PayNow and PayLah! QR payments, multi-outlet POS collection and B2B micropayments for last-mile or cash-on-delivery while streamlining internal processes. It also allows small businesses to enjoy flexible POS setup and access to detailed financial and reconciliation reports.

DBS MAX is made up of two core components—the MAX Portal and MAX app. SMEs can register via the MAX Portal to access merchant e-wallet management and financial reports. The MAX app works in tandem with the Portal, allowing merchants to generate PayNow QR codes, monitor collection in real-time and more.

2.    Cybersecurity protection: DBS #CyberWellness

Digitalisation has brought many benefits for SMEs, including increased operational efficiencies, higher productivity, cost savings and more. But it has also made businesses more vulnerable to cyber-attacks. Cybercrime has risen sharply in tandem with digital transformation, with around 40% of cyberattacks in Singapore targeting SMEs.

The DBS #CyberWellness programme was created in response to this to help SMEs strengthen cybersecurity and better protect against cyber-attacks. The programme is free for SMEs and their employees so that everyone can better understand cyber threats and how to safeguard against them. Additionally, DBS SME customers enjoy preferential rates on cyber insurance policies by Chubb, and a free trial of Starhub’s Secure Access Service Edge (SASE) - a solution that prevents malware, detects advanced threats and protects data.

3. Digital banking: DBS Business Multi-Currency Account

Digital banking has helped SMEs improve cash flow management, conduct real-time digital payments, automate invoicing and accounting processes, access detailed reports and insights, and so much more. But with so many options available, SMEs must choose the right digital banking account that fits their needs. 

The DBS Business Multi-Currency Account offers many benefits for small businesses, including 50 free FAST and GIRO monthly payments, flat OTT fees and competitive FX rates. This is especially beneficial for companies that conduct frequent cross-border, multi-currency transactions. SMEs that have been in operation for under three years can also look forward to the starter bundle, which grants perks like unlimited free FAST and GIRO payments (excluding bulk payments and payroll) and no minimum account balance required. Combined with DBS IDEAL, small business owners can enjoy all-in-one access to digital banking services and financial tools at their fingertips, all on a single dashboard, making it easier than ever for them to take control of their business. 

While it has undoubtedly been a challenging time for small businesses, there is a silver lining. There are many more banking services now available that are designed for SMEs, targeting SME-specific pain points and financial needs. To learn more about the digital products and services provided by DBS SME Banking, visit https://www.dbs.com.sg/sme.