On 1 November 2019, DBS Bank announced that it is making available a comprehensive suite of banking and professional services – at zero cost – that high-growth startups in the Software, Internet and Emerging Technology industries need.
This is in recognition that Asia is well-placed to create many of the future unicorns of the world, but support for unicorn-potentials in the technology space is lacking.
‘DBS Startup Unleashed’, a business toolkit, is being launched on the back of venture investors pouring an estimated SGD13.4 billion into startups based in Singapore in the first nine months of 2019.
Tan Su Shan, Managing Director and Group Head, Institutional Banking Group, DBS said that startups work hard to bring exponential ideas to life in the marketplace but often face considerable challenges as they also shoulder the daily responsibilities of running and growing a business.
“DBS wants to bank Asia’s unicorns of tomorrow, today, as we believe that the startups in the Software, Internet and Emerging Technology industries will be the linchpin of the future economy. Due to the rapid adoption and availability of new technology, these startups are on the cusp of exponential growth as they develop next-generation solutions that meet the rapidly changing consumption needs in Asia and across the globe,” she said, adding that DBS’s support ranged from linking them to our ecosystem partners to providing relevant banking services.
The ‘DBS Startup Unleashed’ business toolkit will address the most pressing needs of these startups. It will comprise a broad suite of solutions whose functionalities include everyday banking, transaction management and payments, co-creation of digital solutions powered by DBS APIs, accounting, and co-working spaces. Additionally the startups can access mentorship and networking opportunities through access to the DBS Startup Xchange program.
FINBOTS, a Singapore-based Intelligent Automation firm who is already in the DBS Startup Xchange program is one company that is looking forward to benefiting from the solutions offered through the ‘DBS Startup Unleashed’ business toolkit.
Sanjay Uppal, Founder and CEO, FINBOTS said, “As a startup, we are a business that has to constantly think of innovating our solutions, nurturing the talent that we have and ensuring that our customers get the best service and solutions possible.”
He expects the banking solutions help save on everyday transactions even across borders, which, combined with their access to DBS’ ecosystem through the Startup Xchange program, promises to increase revenue from both Singapore and the region.
Koh Shiyan, Managing Partner, Hustle Fund, a venture capital fund that invests in pre-seed software startups said that “DBS’ Startup Unleashed toolkit is timely as it frees up resources for founders to focus on building their businesses instead of being stuck managing old-school administrative issues.”