Small and medium-sized enterprises (SMEs) remain the backbone of Singapore’s economy, and banks are stepping up efforts to provide tailored financing solutions to support their growth in global trade.
According to Enterprise Singapore, SMEs account for 99% of all businesses in the country and contribute nearly half of GDP. With rising costs and supply chain challenges, many SMEs are turning to business banks for new financing options, including digital trade platforms, cross-border payment solutions, and working capital loans.
Leading banks such as DBS and Standard Chartered are investing in blockchain-based trade finance systems to speed up cross-border transactions and reduce paperwork. This is particularly important as Singapore strengthens its role as a hub for ASEAN trade.
In addition, government-backed schemes such as the Enterprise Financing Scheme (EFS) continue to help SMEs access affordable credit. Banks are also offering green financing products, allowing small firms to secure funding for sustainability initiatives.
Industry observers believe the business banking landscape is set for transformation. By combining technology with targeted financial support, banks can help SMEs overcome global challenges and unlock new growth opportunities in international markets.
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Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen.
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