Coronavirus pushes contact-free digital banking

DBS unveiled the second round of relief measures on Wednesday (Feb 26) to help businesses in Singapore cope amid the virus outbreak, in a move that pushes companies to go digital at the same time.

These measures include financial relief packages and digital initiatives for companies to fast-track their digital adoption to carry out transactions online instead of relying on physical processes.

DBS has digitalized 11 common trade financing processes to reduce reliance on physical over-the-counter exchanges and is offering clients 50 free FAST transactions a month to cut the need for physical cheque handling.

“In these difficult times, technology plays a key role in empowering “contact-free” banking and also ensuring that life goes on with as little disruption as possible. As the world’s best digital bank, we believe it is important to harness our digital capabilities and technological know-how to deliver enhanced digital banking services to our clients. This way, they can continue to run their business smoothly while safeguarding their health and well-being at the same time,” said Tan Su Shan, Group Head of Institutional Banking, DBS.

To help clients get familiarised with these and other new digital features, from 2 March onwards, the bank will also be progressively rolling out webinars and customized “teach-in” sessions for them.

These digital solutions were already part of DBS’s roadmap to partner clients in their drive for digital transformation but were accelerated and made available in Singapore and DBS’ key markets of Mainland China and Hong Kong to support clients with their continued business operations during the COVID-19 situation.