SMALL BUSINESS TRENDS,INDUSTRY OUTLOOK
DBS | July 18, 2022
DBS has been recognised as the 'World's Best SME Bank' yet again, entrenching the bank's position as a global industry leader in partnering SMEs to grow and expand their businesses across borders and digitally.
DBS' latest global best SME bank accolade comes from leading UK-based financial publication Euromoney, which has honoured DBS with the 'World's Best SME Bank' title for the second time since 2018.
Louise Bowman, Editor of Euromoney, said: DBS has applied its customary digital innovation to the SME space with great success. This is not just a Singapore story: DBS has more than half of its SME book outside of its home base, and our review period was characterised by impressive growth in India, Southeast Asia and China.
Since the start of the pandemic in early 2020, DBS has tapped on emerging technologies relentlessly to help SMEs, especially micro and small enterprises, manage their credit risk. DBS has developed algorithmic models powered by artificial intelligence and advanced data analytics that alerts the bank to potential signs of trouble faced by SMEs. With these capabilities, DBS was able to successfully identify over 95% of non-performing SME loans at least three months before the businesses started experiencing credit stress. Of these, over 80% of borrowers accounting for more than SGD 700 million in loans were averted from risk.
As a result of its robust credit processes, since 2020, DBS has approved over 16,300 collateral-free loans totalling more than SGD 7 billion to SMEs in Singapore, with over 90% of the loans going to micro and small enterprises.
"We are honoured and thrilled that Euromoney has chosen to recognise DBS as the World's Best SME Bank once again. We are encouraged that our commitment to support our customers and the SME community through thick and thin has been recognised. As SMEs emerge from the pandemic, they are walking into intensifying macro-economic headwinds, geopolitical tensions and supply chain turmoil. In all operating environments, we will continue to partner our SMEs to proactively manage their cashflow and liquidity needs while cheering them on to keep up the momentum of their digital transformation and business expansion journeys."
-Joyce Tee, Group Head of SME Banking,
Euromoney also awarded the World's Best 'Financial Innovation of the year' to DBS' Fixed Income Execution (FIX) Marketplace, Asia's first automated digital bond issuance platform where issuers can directly connect with investors on the platform at their sole discretion.
Launched in 2021, FIX Marketplace aims to propel efforts to create a more efficient and accessible capital market through digitalisation, thereby creating more inclusive and accessible markets for issuers.
Bowman said, "FIX Marketplace was a classic example of DBS not just waiting for the future to come but helping to design it. FIX Marketplace is an important step in the digitalisation of the capital markets.
DBS also won another two first-time awards – it was named Asia's Best Bank for Wealth Management, beating established global private banking peers; and Hong Kong's Best Bank, dethroning a bank with an extensive global network which had won the award for 21 consecutive years.
Bowman added, DBS achieved strong profit growth in Hong Kong as the established names experienced sharp falls. Groupwide investment in digital, and some sensible decisions around sector exposures, have paid off for the bank while others have struggled.
In 2021, DBS bagged a record number of global accolades, including many first-time wins. Global wins included 'World's Best Bank' and 'World's Best Digital Bank' from Euromoney, 'Global Bank of the Year' and the global award for 'Most Innovative in Digital Banking' from Financial Times publication The Banker, and 'World's Safest Commercial Bank' from New York-based Global Finance.
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named "World's Best Bank" by Euromoney, "Global Bank of the Year" by The Banker and "Best Bank in the World" by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney and the world's "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the Safest Bank in Asia" award by Global Finance for 13 consecutive years from 2009 to 2021.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
WEX | August 01, 2022
WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, is announcing today that it has plans to acquire the Exxon Mobil Business Card program. The acquisition will be contingent upon certain conditions and subject to closing. Upon completion of the acquisition, all of ExxonMobil’s commercial card portfolio will be consolidated and administered by WEX.
“The ExxonMobil Team at WEX is very excited by the prospect of welcoming these customers to our North American portfolio of business, completing the consolidation of all ExxonMobil’s commercial card business at WEX,Customers will enjoy the same benefits, purchasing controls, and savings opportunities as all other Exxon Mobil BusinessPro customers across the U.S. and Canada.”
-Gene Currier, vice president and business manager at WEX.
The Exxon Mobil BusinessPro program provides convenience, security, and control for small businesses. The program supports a private label, revolving credit card offering which can be used at over 12,000 Exxon™ and Mobil™ locations within the United States, plus cross-border acceptance in Canada. Its simplistic interface is designed for small business customers who typically fuel at the same stations near their home base.
Cardholders can save with fuel rebates of up to 6 cents per gallon on all Synergy™ fuel grades*. In addition to savings with the rebate, cardholders enrolled in the Exxon Mobil Rewards+™ program continue to earn points on fuel purchases, such as 4 bonus points per gallon on fuel when qualified as a Frequent Filler™ member**.
“The consolidation of the Exxon Mobil Business Card into our Exxon Mobil BusinessPro program with WEX will provide a simplified commercial card offer for prospective customers,WEX has been a valued partner for ExxonMobil, delivering excellent service and offerings to fleets and small businesses.”
-Austin Johansen, fleet marketing manager at ExxonMobil.
To learn more about Exxon Mobil BusinessPro™ account features, visit www.newwexfuelcard.com.
WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com..
FINANCE,SMALL BUSINESS ADVICE
SMBX | August 05, 2022
Five new Washington, DC small businesses are giving local investors the opportunity to invest in them through SMBX and the DC Rebuild Bond program—a partnership with DC Mayor Muriel Bowser and the Deputy Mayor’s Office of Planning and Economic Development (DMPED) to drive $5 million in investment in DC small businesses.
“Our first-in-the-nation partnership with Mayor Bowser’s administration continues to bring investment to DC small businesses while giving local investors more control over their money,” said Ben Lozano, CEO and co-founder of SMBX. “We’re committed to bringing investment to small businesses in DC’s underserved communities to keep wealth creation local."
The new DC small businesses listed on the SMBX marketplace include:
Aurora Market—The veteran-owned organic market near Howard University is raising $250,000 to add staff, new equipment and working capital.
Style Bar DC—The Black-owned Dupont Circle neighborhood salon is raising $250,000 to expand its staff and marketing efforts.
Arepa Zone—The traditional Venezuelan eatery with 6 locations in DC is adding a 7th by raising $500,000 to fund construction and new equipment.
Zeleno—The healthy café plans to expand to a new DC location by raising $250,000 for construction and working capital.
Toolbox— The Pilates studio and event space is raising $250,000 to build a second location in Union Market.
“Aurora Market is known as ‘The Modern Mom & Pop Shop’ and we believe that the DC Rebuild Bond Program and the SMBX marketplace can help others raise the capital needed here and in other underserved communities, SMBX Small Business Bonds empower communities to support local, buy local, and invest local. It’s a win-win for all involved; DC improves the economy, small businesses remain open, and the community keeps their favorite places while earning a profit from their investment. Why donate, when you can invest?”
-Pablo Ortiz, founder of Aurora Market
Through the DC Rebuild Bond program, businesses can issue Small Business Bonds with no origination fees. Their customers and local investors can invest in their business by purchasing their Bonds for as little as $10 each and be repaid monthly principal and interest.* Since it was launched in September 2021, thirteen (13) businesses have raised over $1.3 million in investments, with more small businesses joining the program and investors buying Small Business Bonds daily.
"Our partnership with SMBX is a valuable tool that allows residents to invest in our local businesses, It is so important for small businesses to have access to funding, specifically entrepreneurs of color, and SMBX provides a viable option to convert customers to investors."
-Deputy Mayor for Planning and Economic Development John Falcicchio
SMBX is the Small Business Bond marketplace that connects qualified small business owners with everyday investors. By issuing a Small Business Bond, businesses can borrow money from existing customers and their community at competitive rates, raising the funds needed to expand their business.
SMBX was founded by Ben Lozano, Chief Executive Officer; Bhavish Balhotra, Chief Technology Officer; and Jackie Chan, Chief Operating Officer. They created the SMBX marketplace and the Small Business Bond after the SEC implemented Title III of the JOBS Act in 2016, making it easier for people to invest in startups and small businesses as non-accredited investors.