Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  DBS Group Holdings Ltd    D05   SG1L01001701

DBS GROUP HOLDINGS LTD

(D05)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

DBS : launches first-of-its-kind online Letter of Credit service

share with twitter share with LinkedIn share with facebook
share via e-mail
01/24/2017 | 06:06am EST

***

DBS has launched a new service that allows SMEs to apply for a Letter of Credit (LC) online within five minutes and have it issued within two business days. A first in Singapore, the service makes it simpler and faster for SMEs to apply for trade finance services online, while on the go.
SMEs use LCs issued by banks to provide assurance of payment to their overseas suppliers. Before the online service was introduced, for SMEs without an existing credit line for trade finance, they had to visit a bank branch to submit their ad-hoc LC application and it could take up to a week to obtain an LC.
Joyce Tee, Group Head of SME Banking, DBS Bank said: 'This service is yet another first for SMEs in Singapore. Our digital offerings to help SMEs apply for an account, loan products and banker's guarantee online have been popular. For instance, in the last three months of 2016, about 75% of new accounts opened with DBS were done via the online channel. We will continue to bring essential banking services for SMEs online, to help them save time and effort.'

Lim Him Chuan, Group Head of Product Management, Global Transaction Services, DBS Bank said: 'Letters of Credit are commonly used trade finance instruments globally, and we are pleased to be able to make the LC application process a truly digital experience for SMEs in Singapore. SMEs can benefit from a faster turnaround in the application process, enabling them to provide payment confirmation to their suppliers more quickly, and as a result, improve their competitive advantage.'

The new service has received positive feedback from SMEs. Ms Sumana Alam, shareholder of Global View Commodity Trading Pte Ltd., said: 'The whole procedure is simple and hassle-free. Though I am not in Singapore, I managed to apply for an LC while overseas. I am very pleased with this new service.'
This online Letter of Credit service is among the latest in a slew of initiatives by DBS to bring greater convenience and value to SMEs through digital banking. SMEs can also apply for DBS business accounts, loan products and banker's guarantees, while on the go.
From now until 31 May 2017, SMEs can enjoy a fee waiver of SGD100 when they apply for an LC online at go.dbs.com/LC.

[END]

About DBS
DBS - Living, Breathing Asia

DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as 'AA-' and 'Aa1' credit ratings, is among the highest in Asia-Pacific.

DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named 'World's Best Digital Bank' by Euromoney. The bank has also been recognised for its leadership in the region, having been conferred 'Asia's Best Bank' by The Banker and Euromoney, and 'Asian Bank of the Year' by IFR Asia. The bank has also been named 'Safest Bank in Asia' by Global Finance for eight consecutive years from 2009 to 2016.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 22,000 staff, representing over 40 nationalities.

For more information, please visit www.dbs.com.

Back to News List

DBS Group Holdings Ltd. published this content on 24 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 January 2017 11:05:28 UTC.

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on DBS GROUP HOLDINGS LTD
02/24Private Chinese oil refiners' credit suspended, tightened on default fears - ..
RE
02/24DBS Converts Siemens Gamesa Renewable Facility Into Green Facility
DJ
02/21Coronavirus Wreaks Havoc on Airlines -- WSJ
DJ
02/21Singapore bank OCBC sees virus trimming revenue by 2% this year
RE
02/20Most down as virus spreads outside China; Thailand top loser
RE
02/20GENERAL ANNOUNCEMENT : :issue of perpetual capital securities by dbs group holdi..
PU
02/20Coronavirus Epidemic Buffets Global Airlines
DJ
02/20GENERAL ANNOUNCEMENT : :DBS to provide abridged disclosures for first and third ..
PU
02/20Thailand, Singapore drop as virus cases outside China jump
RE
02/20Asia FX sentiment weakens; bearish bets pile on Singapore dollar
RE
More news
Financials (SGD)
Sales 2020 14 751 M
EBIT 2020 8 218 M
Net income 2020 6 073 M
Debt 2020 -
Yield 2020 5,27%
P/E ratio 2020 10,6x
P/E ratio 2021 9,91x
Capi. / Sales2020 4,33x
Capi. / Sales2021 4,13x
Capitalization 63 832 M
Chart DBS GROUP HOLDINGS LTD
Duration : Period :
DBS Group Holdings Ltd Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends DBS GROUP HOLDINGS LTD
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 27,42  SGD
Last Close Price 24,93  SGD
Spread / Highest target 21,1%
Spread / Average Target 9,99%
Spread / Lowest Target -7,74%
EPS Revisions
Managers
NameTitle
Piyush Gupta Vice Chairman & Chief Executive Officer
Lim Huat Seah Non-Independent Non-Executive Chairman
Sok Hui Chng Chief Financial Officer
David Gledhill Chief Information Officer
Yiu Kiang Goh Non-Independent Non-Executive Director
Sector and Competitors