Cash flow is the key to survival during the pandemic
The global pandemic has brought many challenges to SMEs and many of them had to make vigorous efforts to tackle the difficulties. This is exactly what Tomy, the co-founder of MyiCellar experienced as he transformed his B2B business into a B2C e-commerce platform under the pandemic. He believes that “the pandemic will eventually end, so recovery preparation is important during this time by building up our portfolio, expanding network and strengthening the sales team.”
Though Tomy had persistence, ideas and creativity, he needed cash to achieve all of them. Fortunately, DBS Relationship Manager Sang stepped in at the right time to lend a hand.
A good business partner is like a close friend
It all started with “wine”. Sang and Tomy met each other at a wine-tasting activity held by DBS. Knowing that MyiCellar had a plan to develop an e-commerce platform, Sang suggested Tomy to consider financing loans that can increase flexibility in their cash flow.
Tomy also experienced DBS’ quick and smooth account opening. “We chose DBS to open our second business account, considering its all-rounded services. From account opening to service inquiries, Sang had effectively solved several problems for us. The loans application process was smooth as we received clear guidance on the required documents and procedures. When compared with other banks, DBS had shown their efficiency and convenience for us” said Tomy.
DBS Relationship Manager Sang said, “Without the need to visit a branch, SME owners can open their business accounts and apply for their financing needs online, at the convenience of their fingertips. They can also manage their day-to-day banking through our IDEAL online banking platform. And as their Relationship Managers, we also share practical knowledge of the industry and provide useful suggestions to support their business development.”
DBS understands that SME owners are usually busy with daily operations. Our Online Account Opening for Business offers fast and convenient application, with the account up and running in as fast as 3 working days*. In addition, the online loan application service can also provide SMEs with their preliminary loan amount approvals in 3 working days*.
*Subject to eligibility. Terms and conditions apply.
Digital transformation to embrace the new normal
Digitalisation has become increasingly important for SMEs and like-wise for SMEs to look for more all-rounded banking services. MyiCellar used to provide premium wine to restaurant and hotel clients. However, the pandemic has changed the purchase behaviour and brought everyone online, spiking the e-commerce market rapidly. To support their growing online transactions, MyiCellar needed more flexible digital banking services to let them manage their high volume transactions and reconciliation needs easily.
“This is DBS digibanking” – which includes DBS Online Account Opening for Business was exactly what Tomy needed – it provides a suite of services , supporting businesses on their digitalisation journey with internet banking personalised dashboard, FPS transfers, 24x7 instant foreign exchange service, financing, and more so that he can manage his day to day banking needs conveniently.
Together, we can go further
Tomy plans to enter the market of the Greater Bay Area in 3 years. Leveraging on Sang’s Greater Bay Area partner network, it gave Tomy a good starting point to start planning his expansion.
“DBS has built up a strong network in the Greater Bay Area with our local team and solid customer base. We can connect them to enhance the business growth of both sides to achieve a win-win situation,” said Sang, our Relationship Manager.
We recognise networking is important for wine businesses to support their growth, DBS Relationship Manager Sang is not just a banking partner but also a business partner to provide MyiCellar with solutions and advice for their business growth!