DBS Bank India introduces an industry-first digital & paperless trade financing solution

– DBS Domestic Trade Financing leverages Electronic Way (Eway) bill verification for digitalising and simplifying trade transactions

The bank has completed its first end-to-end digital Purchase Invoice Finance (PIF) transaction for Lincon Polymers Pvt. Ltd.

MUMBAI, India, Nov. 30, 2021 /PRNewswire/ — In the current environment, there is a need to drive digitised trade for Corporate customers to reduce processing turnaround time and drive businesses efficiently. In light of the latent need, DBS India has introduced a paperless proposition for the financing of domestic invoices by buyers and sellers. The bank now digitally validates the e-Way Bill (i.e. proof of movement of goods) for the purpose of establishing the genuineness of underlying trade transactions. The adoption of this approach has enabled DBS to process transactions quicker without the need to obtain underlying physical documents. 

The bank has also executed its first paperless domestic trade financing transaction with Lincon Polymers Pvt. Ltd., marking a significant milestone in the bank’s digital transformation journey.

With this solution, the bank will eliminate the need for cumbersome documentation, making the entire financing journey paperless and seamless. Customers can share details of their transactions through IDEAL (DBS’ digital banking platform that enables companies to initiate, monitor, and secure business transactions). The data is then validated against the Government-enabled Eway bill portal via GSTN after receiving a one-time authentication from the customer. The bank has partnered with Rezofin, an online invoice financing platform for this process.

Following the amalgamation of LVB with DBS Bank India, the bank is well-positioned to offer this solution to the country’s large SME base, which has traditionally grappled with significant documentation for their financing requirements. 

Divyesh Dalal, MD & Head – Global Transaction Services, DBS Bank India, said, “We have been leveraging our digital capabilities to design intelligent solutions that benefit time-strapped enterprise owners. Using the eWay bill verification, we’ve helped clients to reduce the time taken for financing an invoice. The solution is a significant step towards making the underlying trade finance process truly digital and paperless, which has historically been document-intensive.”

Commenting on the transaction, CA Anish Shah, Finance Manager from Lincon Polymers Pvt. Ltd., said, “The domestic financing using E-waybill verification is a unique proposition by the bank. By being digital and paperless, the solution enables us to raise financing requests seamlessly. It has eliminated the need to send physical documents, which needed a dedicated resource to manage transactions. We are happy to have partnered with DBS as they understand our requirements and have extended a solution that enhances efficiency.”

DBS has been proactive in identifying customer needs and creating customised banking solutions for large enterprises and small and medium businesses that meet their end-to-end requirement. Last year, DBS introduced a completely digital and innovative payments solution in partnership with Transport Corporation of India Limited (TCIL). The partnership empowered truck drivers by enabling real-time payments through the DBS RAPID solution. Recently, the bank partnered with ODeX to introduce ODeX Pay Later Solutions powered by DBS- a hassle-free credit solution for freight forwarders. DBS has also launched real-time online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (gpi).

About DBS

DBS is a leading financial services group in Asia with a presence in 18 markets. 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 was also ranked No. 1 on Forbes’ list of the World’s Best Banks in India for two consecutive years. 

DBS Bank has been present in India for 27 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. DBS provides an entire range of banking services for large, medium and small enterprises and individual consumers in India. In 2016, DBS launched India’s first mobile-only bank – digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited. The bank now has a network of nearly 600 branches across 19 states in India. 

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 and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. 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. 

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 in all our 30,000+ staff representing over 40 nationalities. For more information, please visit www.dbs.com. 

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