DBS ties up with P2P platforms MoolahSense & Funding Societies to give SMEs more funding options
DBS Bank emerged as the first Singapore bank to collaborate with peer-to-peer (P2P) platforms, the likes of Funding Societies and MoolahSense, to offer SMEs additional funding channels.
The move is understood to serve small businesses without audited accounts and personal income statements better, which historically have been under-served. To protect borrowers’ privacy, DBS and the lenders would only share information when they have relevant consent from clients.
In fact, DBS has been active in expanding financing solutions to SME of late: Last month, they have started extending bridging loans for companies who have received approvals for government grants. They are also the market leader in SPRING Singapore’s Micro Loan Programme (MLP), with over 1,800 applications a year.
For more details from the P2P platform representatives, check out the news announcement from DBS here.
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