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Wednesday, 13 July 2011

DBS unveils new banking account for start-ups

By TEO SI JIA


DBS Bank on Friday introduced a new banking account for business start-ups as it continues in its drive to build a leading regional SME franchise.

The DBS Entrepreneur's Account for Start-ups is expected to provide convenience, access to affordable banking services and other value-added benefits, including the DBS eAdvice service, to over 50,000 companies each year.

Criteria for the new initiative includes application within six months of registration at the Accounting and Corporate Regulatory Authority, and a company that is incorporated in Singapore. The start-up package will also require an initial deposit of S$500.

'We recognise that customers at different stages of their business growth have different banking requirements, said Edwin Khoo DBS Head of Enterprise Banking.

'Start-ups, in particular, are looking for easy and affordable banking solutions. Our aim is to help budding entrepreneurs access support and banking services that are suitable for their needs.'

It plans to mitigate costs of local start-ups by waiving their banking, subscription and set up fees and service charges for a period of time ranging from six months to two years.

Various plans have also been drawn up to aid the company in their cashflow and workforce welfare.

DBS sees SMEs as crucial job creators and sources of innovation which could have the potential to be something bigger in the global region, and thus provides support to them even in hard times.

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