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Tag: DBS Bank

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DBS Bank India Launches Pre-shipment Financing on TReDS, Empowers MSMEs

Jul 2, 2024 by Sujata 0 Comments #DBS Bank, #Divyesh Dalal, #MSMEs

India, 02 July 2024 – DBS Bank India has announced its partnership with Receivables Exchange of India Limited (RXIL), the first RBI-licensed exchange platform under the Trade Receivables electronic Discounting System (TReDS). While the bank already offers post-shipment financing on the TReDS platform, it is now launching a pre-shipment financing solution that will empower Indian SMEs with an additional way of availing trade finance in a credit-light manner. By using alternative trade lending data from RXIL to build better borrower profiles, the bank will be able to support the supplier’s entire trade cycle, from sourcing raw materials to delivering the end product to the customer. This offering will be particularly relevant for MSMEs and SMEs across India, enabling them to enhance cash flows to fulfill orders even before goods are delivered to buyers.

DBS Bank India_office facade

MSMEs contributed 45.56% of total exports from April-September ‘23 as per the Ministry of External Affairs report. Despite their sizeable share in trade flows, MSMEs often face challenges establishing favourable payment and credit terms with buyers, managing outflows, and obtaining the documentation required by formal lenders. With the new DBS solution, MSMEs on TReDS will now be empowered through a transparent, simplified process to secure funding against purchase orders from buyers, thereby streamlining cash flows.

Divyesh Dalal, Managing Director & Head – Global Transaction Services, SME & Institutional Liability Business, DBS Bank India, said, “The collaboration with RXIL underscores our commitment to supporting the MSME sector and broadening their access to finance. The structure enables us to significantly reduce the time required for credit decisioning and linked documentation, which will greatly benefit time-strapped business owners. DBS Bank India will be the first bank to partner with RXIL to offer end-to-end supplier financing by harnessing platform data to perform credit assessment and sanction limits. The partnership leverages our digital capabilities to facilitate working capital financing for MSME suppliers by helping them unlock value in their operating flows.”

Ketan Gaikwad, Managing Director & CEO of RXIL, said, “RXIL is at the forefront of driving change in the landscape of trade finance. This collaboration holds immense potential in revolutionising pre-shipment financing for MSMEs through a trusted partner like DBS Bank India. Our shared vision entails leveraging a data-driven approach to assist MSMEs in streamlining operations, enhancing liquidity, and facilitating their trade journey as they expand their business. Additionally, this collaboration promises to alleviate the working capital challenges faced by MSMEs, offering tailored solutions to enhance their financial stability and propel their growth trajectory. By leveraging innovative financing mechanisms, we aim to empower MSMEs with the resources they need to thrive in today’s dynamic trade landscape.”

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DBS Bank India Recognised as ‘Best Employer’ 2023 by Kincentric

May 7, 2024 by Sujata 0 Comments #Anurag Aman, #Best Employer, #DBS Bank, #Kishore Poduri, #Surojit Shome

May 7, 2024 Mumbai, Maharashtra, India
DBS Bank India has been recognised as a ‘Best Employer’ 2023 by Kincentric for the fourth consecutive year. The award acknowledges organisations with exceptional employee experiences and a strong culture of engagement.

The Kincentric Best Employers study is one of the most respected annual studies with a robust evaluation methodology designed to understand alignment across business objectives, people processes, and employee experience. The jury evaluates shortlisted organisations and selects the Best Employers, who are recognised by Kincentric.

Surojit Shome, Managing Director and CEO, DBS Bank India said, “We aim to be a different kind of bank in every sense – for our customers and for our employees. Our goal is to make banking joyful by taking the toil out of the banking experience. Our workforce plays a critical role in bringing our brand promise to life. We constantly seek to improve our employee experience by finding ways to equip them with the skills as well as the tools to excel and adapt, thereby enabling them to deliver superior experience for our customers while aiming for better business outcomes.”

Kishore Poduri, Managing Director, and Country Head – HR, DBS Bank India said, “We are humbled to be recognised as a Best Employer 2023 in India by Kincentric, marking our fourth consecutive win. This is a testament to our culture where employees are encouraged to ‘Be the Best’, ‘Be the Change’, ‘Be the Difference’. Our endeavour is to create a supportive environment where employees feel valued, connected, and empowered to thrive in both their personal and professional lives. The win also reflects their efforts towards making DBS the Best Bank for a Better World.”

Anurag Aman, MD, and India Market Leaders for Kincentric India shared, “Best Employers in India continue to stay ahead of their competition by having the winning mix of human-centered practices that not only enable great employee experience but also create differentiated business impact by attracting the right talent. They achieve higher business growth through a highly engaged team (Best Employers have a 5% higher engagement score compared to the rest). They have an edge both in the execution of people programs and in enabling positive experiences when it comes to empowerment (85% of the best feel empowered to make influential decisions), culture, and brand (5% higher confidence in the brand than the rest), and work-life integration (6% higher work-life balance among the best compared to the rest), to name a few.”

DBS Bank India’s Employee Experience Council enhances the employee experience by tailoring programs to individual needs and exploring innovative ways to engage and support the workforce. The bank has bolstered its efforts to enhance the overall well-being of its employees, ensuring a harmonious balance between their personal aspirations and organisational goals.

DBS Bank India’s well-being charter focuses on the Best of Me, We, and E (environment). Through its holistic benefits basket, ‘DBS Cares,’ the bank takes a comprehensive and hyper-personalised approach to well-being addressing mental, financial, and physical wellness needs. Employees have access to a flexible wellness wallet, ‘iFlex’, to customise their benefits package according to their individual needs and life stage. This includes insurance and OPD coverage. Employees receive an additional top-up upon meeting their fitness goals through iFit, a comprehensive health management tool.

Aligned with its transformational leadership agenda, DBS Bank India invests in developing leaders at every level within the organisation, providing upskilling opportunities for career advancement and preparing employees for expanded roles. The bank has introduced iGrow, an AI/ML-enabled career enabler tool that understands employees’ career aspirations and identifies new role opportunities, empowering them to excel professionally. The tool has achieved an adoption rate of 64%.

In 2023, DBS Bank India established a gender-agnostic Leadership Diversity Council as the apex governing body for the Diversity, Equity, and Inclusion agenda. This council operates with a three-pronged approach aimed at increasing representation across genders, abilities, and generations. To strengthen gender diversity, the bank has curated learning & development programs, including the ‘MyPersona Women Leadership Development Program’, which prepares women for future leadership roles, and ‘Reimagine,’ which supports seamless transitions for women re-entering the workforce after a career break.