SINGAPORE (June 4): DBS says that digital transactions from its SME customers have increased by 70%, while transaction value has increased by 25%, since the bank launched DBS MAX, Singapore’s first mobile-based QR payment collection solution four months ago.

DBS MAX has been steadily expanding, with now around 2,000 merchants and over 3,000 outlets across Singapore adopting this solution. With this, companies are able to enjoy the ease and convenience of ‘plug-and-play’ digital payments collection solution.

More specifically, DBS MAX has been most popular among the bank’s SME customers in the F&B and retail sectors for its flexibility. It helps to eliminate the time and effort in managing and depositing cash in banks.

SMEs can sign up for DBS MAX instantly and collections at cashiers or outlets can be enabled and maintained on the DBS IDEAL website. In addition to store-front collections, DBS MAX is also increasingly replacing cash in B2B and B2C last mile deliveries.

With digital payments and collections becoming increasingly popular in Singapore, DBS found that in the first four months of 2019, overall cash transactions for SME customers using DBS MAX have decreased by about half.

Meanwhile, this co-related to the over four in five Singaporeans who are already using some form of e-payment. DBS expects this trend to continue with the increase in digital payments collections solutions targeted directly at SMEs such as DBS MAX.

Since DBS MAX was well received in Singapore, it has now been rolled out in Hong Kong and India. DBS expects that more than three in five retail SMEs will sign up for the DBS MAX solution in the next 12 months.

Jasmin Ng, group head of cash product management at DBS Bank, says, “One of the key challenges for SMEs is the ability to achieve sufficient liquidity while balancing expenses. As a bank, we are constantly looking at how we can innovate to help SMEs optimise their working capital, while streamlining their collections and payables process. DBS MAX has proven to be successful as DBS has enabled SMEs to plug into the digital ecosystem in a simple, secure and straightforward manner and resolves current pain points of cash and cheques handling.”

“This solution will meet the needs of eCommerce customers in particular, as it will provide additional online or in app payment solutions to provide payers flexibility to pay directly from bank accounts,” adds Ng.

DBS helps SMEs in the retail and F&B sectors reduce cost of managing cash

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DBS helps SMEs in the retail and F&B sectors reduce cost of managing cash

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