- QR code-based system designed to save time
- Aims to help Singapore’s many small businesses
- “Critical to their success”, says bank
A leading Singaporean bank has announced a product designed to help smaller firms accept digital payments, meaning that remittance and online money transfer are likely to get much easier.
DBS bank has launched “DBS MAX”, a mobile-based tool which works with a QR code-based system. This represents the latest technology in money transfer services.
By downloading an app, small businesses can offer a code which vendors can scan to make payment as simple as possible.
The funds will then be transferred to the seller’s account.
The tool is also designed to save time. Rather than leaving business owners and managers to manually reconcile transactions, the DBS MAX platform can do this on its own.
According to research carried out by DBS, over a third of Singapore’s small businesses have financial problems, with many claiming that the issues come directly from delayed payments.
In a statement, DBS said it understood the issues facing these businesses, and that SME success was important to the wider Singaporean economy.
“Cash flow is the lifeblood of a [SMB]”, said Jasmin Ng, Group Head of Cash Product Management.
“It is also critical to their success and overall viability. Apart from developing solutions to help our clients deliver an enhanced customer experience, we also look at ways to optimize their cash flows and improve their working capital management.”
Ng also cited statistics showing that more than half of Singapore’s workers were based at the SMEs which DBS hopes will use its MAX product.
“This is important as SMEs form the backbone of Singapore’s economy, employing two thirds of our workforce and contributing more than half of our GDP.”
If you’d like to find out more about how to secure the best possible money transfer deal, check out our money transfer guides here.
