DBS Bank eyes smaller-sized businesses
By Ted Chen, The China PostTAIPEI, Taiwan -- DBS Bank, Taiwan (星展銀行) yesterday held a conference to announce its new “DBS Entrepreneur's Account” service, designed to cater to the working capital efficiency optimization needs of Taiwan's small- and medium-scale enterprises (SME), particularly in their efforts to expand developing markets.
September 25, 2013, 12:08 am TWN
According to Sean Chen (陳識仁), head of Global Transaction Services at DBS Bank, Taiwan, the service is based on a newly structured financial operating account specially tailored to enhance the financial operation and working capital performance of Taiwan's SMEs.
The “DBS Entrepreneur's Account” features a full suite of services offered by industry giants such as IBM, Oracle, and SAP, including the “DBS Virtual Account” denominated in New Taiwan Dollars, a consolidated payment platform, and risk management services, together representing an ideal and accessible option for Taiwan's SMEs with annual revenues under NT$500 million.
Specifically, the “DBS Virtual Account” is designed to facilitate collection and end-to-end integrated account payable operations. The company emphasized that its service is primarily information-driven, with its “DBS Ideal” corporate online banking platform offering real-time updates and notifications of client-side account information via as many as 5 channels, allowing greater flexibility for the financial officers of SMEs.
Benefits of the service also include exemption from transaction fees on domestic and international inflows and outflows of funds, wires remittances and advisory consultation.
Most notably, Chen stated that in stark contrast to industry conventions, DBS Bank, Taiwan is adopting a non-tiered approach in its pricing structure, rendering the same terms for clients of all scales. “Our terms are among the most favorable and competitive in the industry, as we view Taiwan's SMEs as potential partners, not as clients”, said Chen.
To better serve Taiwan's vibrant SMEs, DBS Bank, Taiwan is offering New Taiwan Dollar and U.S. dollar savings accounts with a graduated interest rate structure, providing a maximum annual of as high as 0.4 percent for qualified clients. The company noted that clients' interest rates for New Taiwan Dollar deposits are calculated daily.
During the program's pilot stage, the company saw more than 1,000 existing clients sign up for its new premium services, said Chen.
As a bank born and bred in Asia, DBS is well positioned to understand the needs of Taiwan's SMEs and is committed in helping them drive business growth, said Chen. With a long standing history of accompanying its partners through economic booms and slumps, DBS is well-positioned to leverage its insights on regional connectivity and its experience in initiatives with government-sponsored bodies such as the Taiwan External Trade Development Council (TAITRA, 外貿發展協會).
The company's recent efforts have garnered accolades from its clients and international financial publications, including awards naming DBS the “Most Innovative Transaction Bank, Asia-Pacific” by The Banker, a leading global financial intelligence provider, and “Best Overall Domestic/Cross-boarder Cash Management Services for SMEs in Taiwan” via a poll conducted by AsiaMoney, a leading online financial information service.