The partnership furthers DBS Financial institution India’s dedication to reimagining SME banking by means of innovation and offering digital options past conventional banking. It additionally reaffirms the financial institution’s give attention to serving MSMEs and SMEs profitably whereas discovering new methods to ship higher service.
Reimagining SME banking by innovating digital options past conventional banking. Collaboration with Gofrugal Applied sciences will assist micro, small and medium enterprises get on the e-commerce bandwagon.
Open Community for Digital Commerce (ONDC), an initiative by the Authorities of India, is a platform primarily based on an open protocol that may allow native commerce throughout mobility, grocery, meals order and supply, resort reserving and journey and so forth.
The federal government launched ONDC in April as a substitute for international e-commerce giants that presently benefit from the bulk of the market share in India.
The platform goals to create new alternatives by providing MSMEs a degree enjoying area. ONDC will additional digital penetration within the nation and foster innovation, notably within the start-up ecosystem.
ONDC is predicted to drive the Gross Merchandise Worth of India from 4.5 lakh crore to 7.5 lakh crore. Gofrugal Applied sciences acts as certainly one of its expertise companions and is a front-runner within the area of ERP for onboarding vendor apps by digitising their retailer, stock, and operations.
By this partnership, DBS Financial institution India is integrating its digital options with Gofrugal Applied sciences to assist small companies catalogue their merchandise shortly and increase their gross sales channels through ONDC.
Divyesh Dalal, Managing Director & Head – World Transaction Companies, DBS Financial institution India, mentioned, “India’s burgeoning e-commerce market is predicted to achieve US$120 billion by 2026, in keeping with a FICCI-Anarock report. With ONDC opening alternatives and levelling the enjoying area for retailers throughout cities, the sector has demonstrated large potential to develop in tier 2/3 markets and metro cities. Our partnership with Gofrugal allows us to drive tech-based options for retailers desirous of becoming a member of the ONDC community, thereby enabling wider participation within the subsequent wave of e-commerce sector progress. A associate like Gofrugal is integral for bringing the ecosystem collectively and accelerating the time-to-market. We’re grateful to our companions and intermediaries, together with regulators, who’ve collectively labored in the direction of delivering this modern resolution to the retailers.”
“Gofrugal is happy to associate with DBS Financial institution India to assist SMEs purchase a big share within the fast-growing digital commerce ecosystem. DBS Financial institution India is a robust SME enabler, and Gofrugal is the omnichannel ERP of selection for SMEs in India. We anticipate this partnership to supply important advantages to SMEs by enriching their buyer expertise in accessing capital, processing funds and decreasing the friction and energy in managing their funds. This can assist the proprietors and companions of SME companies to focus extra on market alternatives and serve their prospects nicely. In keeping with the imaginative and prescient and purpose of ONDC, it is going to actually allow SME companies to defend their dominant hyper-local place, which gives growing alternatives to them,” provides Kumar Vembu, CEO of Gofrugal Applied sciences.
DBS Financial institution India goals to supply its sturdy digital platforms and straight-through processing to enhance the servicing of loans. It seeks to reimagine your entire buyer journey to shorten the lending cycle. Trying forward, the financial institution will increase its digital options past conventional banking, akin to loans and cater to the opposite necessities of SMEs and MSMEs, akin to the flexibility to effectively deal with funds, payroll, money administration, insurance coverage, and third-party merchandise.
DBS Financial institution India has been enabling influence past banking, supporting like-minded ecosystem companions who’re motivated to drive optimistic outcomes in sustainable meals and agricultural methods to scale back meals waste. Earlier this yr, the financial institution introduced its partnership with Stellapps to create better entry to digitisation for dairies whereas additionally serving to enhance monetary inclusion.
DBS Financial institution India has been proactive in figuring out enterprise wants and creating customised banking options for big enterprises in addition to small and medium companies to fulfill their end-to-end necessities. In 2020, the financial institution launched a digital and modern fee resolution for the Transport Company of India Restricted (TCI). It had additionally partnered with ODeX to introduce ODeX Pay Later Options powered by DBS – a hassle-free credit score resolution for freight forwarders and had launched real-time on-line monitoring for cross-border collections for companies in India in partnership with SWIFT World Funds Innovation (gpi).
In keeping with its imaginative and prescient to assist promising start-ups in India, DBS Financial institution India has joined fingers with start-up enterprise capital fund Anthill Ventures and evangelist community Headstart Community Basis to launch DBS Enterprise Class foundED in April this yr. The financial institution additionally introduced the launch of a brand new grant programme to assist SMEs trying to kickstart their transition in the direction of turning into extra sustainable companies.
DBS Financial institution has been current in India for 28 years, opening its first workplace in Mumbai in 1994. DBS Financial institution India Restricted is the primary among the many massive overseas banks in India to start out working as a wholly-owned, regionally integrated subsidiary of a number one international financial institution. DBS supplies a complete vary of banking companies for big, medium and small enterprises and particular person customers in India. In 2016, DBS launched India’s first mobile-only financial institution, digibank, which now has ~1 million financial savings accounts. In November 2020, Lakshmi Vilas Financial institution was amalgamated with DBS Financial institution India Restricted. The financial institution now has a community of practically 525 branches throughout 19 states in India.
DBS supplies a full vary of shopper, SME, and company banking companies. As a financial institution born and bred in Asia, DBS understands the intricacies of doing enterprise within the area’s most dynamic markets. DBS is dedicated to constructing lasting relationships with prospects and positively impacting communities. It established an SGD 50 million Basis to strengthen its company social duty efforts throughout Asia by supporting social enterprises: companies with a double backside line of revenue and social and/or environmental influence.
In 2020, DBS launched the ‘In direction of Zero Meals Waste’ initiative as a part of a world sustainability follow to encourage a shift in behaviours and mindsets to scale back meals waste. In 2022, DBS dedicated an extra SGD 100 million to deepen the flexibility to create influence past banking, catalysing the financial institution’s varied philanthropic and disaster aid measures.
With its in depth community of operations in Asia and emphasis on participating and empowering its workers, DBS presents thrilling profession alternatives. The financial institution acknowledges the fervour, dedication and can-do spirit of our 30,000 workers representing over 40 nationalities.
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