DBS Bank India announced its partnership with eSamudaay. The eSamudaay focuses on non-metro towns and cities, providing digital solutions on both the buyer and seller side and logistic support to make doing business on the Open Network for Digital Commerce (ONDC) convenient for smaller players in the market. With this partnership, DBS Bank India aims to meet the needs of SMEs and MSMEs while conducting business through ONDC and expanding its digital solutions beyond traditional banking.
Under this alliance, DBS Bank India will gain deeper insights into the end users’ requirements and can offer them customised solutions. Focusing on a more inclusive offering, the Bank will leverage its robust, globally-renowned digital capabilities and go beyond traditional banking to offer bundled and bespoke cash management solutions to cater to the diverse needs of SMEs and MSMEs - such as efficiently managing collections, payments, payroll, liquidity management, and financial products. As eSamudaay’s financial partner DBS Bank India will pilot their solutions in a few South Indian cities and also have a long-term plan to cover 24 cities across India managing end-to-end flows of the entire supply chain in those cities.
DBS believes in delivering a banking experience that is safe, transparent and hassle-free. eSamudaay works with various stakeholders, including local associations, the chamber of commerce, and financial institutions, to digitalise local trade. The Open Network ensures that potentially every seller gets enhanced discovery opportunities, not to mention the possibility of trading overseas as the model develops. DBS Bank India offers an online credit solutions platform, "DBS Digital Business Loans," which ensures easy access to business credit for the entire spectrum of micro, small, and medium-sized enterprises, offering up to Rs 20 crore in credit.
Divyesh Dalal, Managing Director & Head - Global Transaction Services at DBS Bank India, said " This partnership furthers our commitment to empowering MSMEs, especially those beyond metro and tier-1 markets. We are excited to partner with eSamudaay. We look forward to offering our customised financial solutions to local businesses and contributing towards the growth of India's burgeoning e-commerce market."
Anup Pai, co-founder and CEO of eSamudaay said, “Our team is happy to partner with a global bank that has taken a futuristic stand on decentralisation as a means to spread wealth, as well as provide the financial resources to individuals and communities to expand their business”.
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