Amidst constant reports on the bleak economic outlook, the start-up community has continued to flourish in Singapore. Over the past decade, the number of active young companies has more than doubled from 23,000 to 55,0001. Making one of the biggest leaps from the 2012 global rankings, the local start-up climate is currently ranked 10th in the world2, a 7 space jump from 4 years ago.
Despite having a world-class entrepreneurial environment, SMEs in Singapore do not expect to achieve significant growth this year and the next. Slowing global growth sees the sentiments of small and medium enterprises at its lowest score since 2010. Created to measure the sentiment of local businesses, the Singapore Business Federation’s SME Index fell 1.1 points to a record low of 50.0 in the second quarter of 2016, and forecasts a weary 50.2 for the first quarter of 20173.
to weather the current climate.
In response, banks have stepped up to the plate, creating more financial products tailored for start-ups. Embarking on a partnership with a bank is a vital decision for SMEs, often resulting in a long-lasting relationship. This makes it important to weigh your options and identify which will benefit your business in the long run. Here are three factors to consider when choosing a banking partner:
Cost to maintain
If you’re a young business and stabilising cash flow is still an issue, then opt for an account with no minimum balance to avoid fall-below charges. The DBS Digital Account has no minimum balance requirement and lets you apply online in a simple 5-minute process. It has a monthly account fee of only $18, that will give you access to additional features such as a corporate debit card, internet banking convenience and a full-fledged mobile banking app – all at no extra cost.
no matter where you are.
In the modern context, this means efficient mobile banking capability. DBS is the only bank currently offering a truly functional mobile app, allowing you to make account enquiries and transactions and book foreign exchange transactions. The app also gives you access to subsidiary accounts both within Singapore and overseas.
Finally, choose a banking partner that can value add beyond your financial needs. The DBS BusinessClass mobile app lets business owners reach over 17,000 entrepreneurs, customers and business experts in the region and network with them; with informative articles you can read, an advisor messenger service, and a community where you can seek advice from. It helps your company gain access to global industry leaders and stay ahead of the competition through disruptive technology that you can be matched to via the DBS TechMatch program. For details visit go.dbs.com/techmatch.
Find out more about the DBS Digital Account here.
1 Channel NewsAsia article "Starting up: The rise of the Singaporean entrepreneur" is no longer available.