Business in Singapore: New Initiatives Supporting Local Companies

Whether you’re in marketing, financing or e-commerce, we highlight three new initiatives that provide aid to SMEs in Singapore.

99% SME
A new campaign helmed by Singtel and DBS Bank aims to encourage consumers to support local SMEs in the retail and F&B sectors. Known as 99% SME, the initiative allows SMEs to list retail promotions on the campaign’s website. Consumers can also go to the website to pledge to shop and dine locally.

Singtel, DBS and supporting partners such as MediaCorp are investing millions to provide local businesses with free technology support and promotion. For instance, retailers can tap on Singtel’s Amobee Brand data analytics service to better engage their customers.

Meanwhile, DBS Bank will also encourage its customers to support small businesses and reach out to its existing SME clients to get them to join the campaign. The name of the initiative is a nod to the fact that Singapore’s 190,000 SMEs comprise nearly 99 per cent of its registered companies.

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DBS Online Loan
Local companies who want to apply for a loan from DBS Bank can now do so online with no signatures or paper forms required. The new service will enable business owners to apply for up to 11 types of loan products online – including business loans, overdrafts, micro loans, property loans and equipment loans.

The service will also allow SMEs to track their loan applications in real time and get instant notifications. According to DBS, the online application forms have been redesigned with simple, jargon-free language and the number of fields to be completed has been reduced by three quarters to expedite the application process to only 10 minutes.

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IE Singapore
Local SMEs will find it easier to sell their products on global ecommerce sites such as US-based Amazon, China-based Tmall, and Malaysia-based Lelong after International Enterprise (IE) Singapore unveiled partnerships with the three virtual marketplaces.

Through these tie-ups, IE Singapore aims to help Singapore companies get online by easing the listing process on these ecommerce platforms. Companies can also tap on the government agency’s Market Readiness Assistance (MRA) Grant and Global Company Partnership (GCP) Grant to defray related expenses such as online marketing activities.

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