DBS Bank India announces partnership with eSamudaay to support MSMEs through ONDC
- ByStartupStory | February 22, 2023
DBS Bank India has announced a partnership with eSamudaay, a SAAS-based solutions provider, to support Indian MSMEs.
The partnership aims to make doing business on the Open Network for Digital Commerce (ONDC) more convenient for smaller players in the market by providing digital solutions on both the buyer and seller side and logistic support.
As part of this partnership, DBS Bank India will leverage its digital capabilities and will offer customised cash management solutions for SMEs and MSMEs.
The rise in digital adoption among Indian MSMEs presents opportunities for further growth in the sector, a statement from the company said.
“We look forward to offering our customised financial solutions to local businesses and contributing towards the growth of India’s burgeoning e-commerce market.” said Divyesh Dalal, managing director and head, Global Transaction Services at DBS Bank India.
Anup Pai, co-founder and CEO of eSamudaay said, “We have created a digital solution for decentralised, inclusive economic growth and believe that in DBS Bank India, we have found the right partner to offer a slew of financial products for local commerce to thrive.”
The bank’s online credit solutions platform, “DBS Digital Business Loans,” offers up to Rs 20 crore in credit to micro, small, and medium-sized enterprises, ensuring easy access to business credit.
eSamudaay, on the other hand, collaborates with multiple stakeholders, such as local associations, chambers of commerce, and financial institutions, to digitise local trade.
DBS Bank has been present in India for 28 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank.
In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. The bank now has a network of 530 branches in 19 Indian states.
It established an SGD 50 million foundation to strengthen its corporate social responsibility efforts across Asia by supporting social enterprises: businesses with a double bottom line of profit and social and/or environmental impact.
In 2020, DBS introduced the “Towards Zero Food Waste” initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste.
In 2022, DBS committed an additional SGD 100 million to deepen the ability to create an impact beyond banking, catalysing the bank’s various philanthropic and crisis relief measures.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment, and can-do spirit of more than 30,000 staff representing over 40 nationalities.
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