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    Digitisation Helps Lower Transaction Fees for SMEs: DBS

    With the introduction of Fast And Secure Transfers (FAST), corporate payment costs have been reduced to 50 cents per transaction, says DBS.

    BankBazaar Singapore – January 23, 2018

    Singapore: The country’s small and medium enterprises (SME) could be one of the major beneficiaries of the financial sector increasingly embracing digital technology for their operations.

    DBS has said that with the introduction of Fast And Secure Transfers (FAST), an instant money transfer system, corporate payment costs have dropped to 50 cents per transaction, from the previous rates of S$1-S$8, The Business Times reports.

    Other banks have done even more to attract SME accounts. Standard Chartered, for instance, is not charging fees on FAST for a limited period. Such efforts are encouraging more and more businesses to take their financial transactions online.

    Out of every 10 SME accounts opened with DBS last year, nine were made online. The number of customers using the bank’s online platform for transactions to suppliers and vendors has risen 2.5%.

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