DBS Bank Wooing Ludhiana SMEs To Explore East
Being the backbone of economy Micro, Small and Medium Enterprises has emerged as the most vibrant and dynamic engine of growth over the past few decades.
DBS Bank India Limited has identified the strong potential that exists in this shift towards the East as well as the key role that SME sector is to play in India’s growth and development. DBS thus aims at making SME owners realize their ambition and guide them to venture out and explore trade outside India.
With over 50 years of experience in setting up businesses in the East (especially Singapore), DBS strives to empower SME owners with data-driven insights and knowledge to unlock new opportunities to Go East. The bank is committed to providing long-term sustainable results while making sure digital is at the core of these activities.
Underlining its commitment to the Indian market, DBS Bank India Limited is here to showcase its vision and solutions for Small & Medium Enterprise (SME) customers in Ludhiana.
Earlier this year, DBS had marked a significant milestone in its India journey, with the establishment of its wholly owned subsidiary, DBS Bank India Limited (DBIL).
The simmering dispute between the US and China is redefining global trade. Labor costs have always been a fundamental driver of shifting manufacturing to Southeast Asia. The ASEAN wages can be as low as one-third to one-half those in China. The openness to innovation and the ability to adapt to the changing business landscape among the ASEAN nations has forged a way to create a thriving business ecosystem.
As a result ASEAN is increasingly becoming a destination for investment. The boosted activity in Southeast Asia along with Prime Minister Narendra Modi’s ‘Act East’ policy has paved way for banks and financial institutions to find new means to engage with countries in the East, which though have strong trade partnerships with India, are not as big as traditional partners like the US, China and the UAE.
With DBIL, DBS Bank plans to expand into key SME clusters in India. In March, the bank inaugurated its first branch in Ludhiana in Sarabha Nagar, Malhar Road. The branch provides a comprehensive portfolio of diversified financial products and services to cater to the evolving banking needs of SMEs in the city. Ludhiana is the major industrial and economic hub of Punjab and is a significant centre of manufacturing in India. In fact, the World Bank has ranked Ludhiana as the easiest place to do business among 17 key cities in India. As the industrial capital of Punjab, Ludhiana offers tremendous growth potential. The plethora of opportunities in Ludhiana and DBS’s deep understanding of the nuances of Indian SMEs will allow the bank to pave the way for future growth for these enterprises.
The bank is committed to empowering local businesses and supporting the Indian SME growth story. The incorporation of its local subsidiary, has given it the footprint advantage to serve SME customers better. The bank has designed to provide end-to-end digitised solutions and processes that eliminate the need for cumbersome documentation and offer a seamless, signature less, paperless banking experience. These offerings cater to the entire banking lifecycle of an SME owner and include express account opening, digi business loans, a range of collection solutions to trade-related services and solutions for their other transaction needs.
With DBS’s legacy of providing their customers with research-backed insights and experience in working across borders along with a strong presence in India and Singapore, DBS will be the ideal knowledge partner for SME owners who are looking to expand their businesses and Go East.