DBS launches QR-based solution for B2B payments

In turn, suppliers can enhance credit terms for each invoice instantly, and also send a QR code requesting payment from customers who are unable to receive goods in-person.

DBS said it plans to roll out the solution to the wider F&B ecosystem, logistics companies and import/export merchants by the end of 2020. One of the first F&B operators to pilot the new platform is SG5, the main distributor for Asia Pacific Breweries Singapore and wholesale distributor of beer and stout supplies to about 5,600 F&B retailers from coffee shops to large chains. Alvin Chua, chief executive officer SG5, said he believes the company will save up to 3,300 manhours a month in accounting and administrative tasks by using the platform.

The solution was developed after DBS conducted close to 20 digital workshops with F&B operators to map their payments journey and pain points. "Many SMEs we speak to want to realise productivity gains by becoming more digital but don't have the expertise or infrastructure to do so," Joyce Tee, group head of SME banking at DBS, said. The lender is looking to understand SMEs' pain points and then lay the foundation for enhanced payments capabilities one sector at a time, she added.

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