Singapore’s DBS Bank, in partnership with Visa, unveiled its first multi-currency commercial debit card, the DBS Business Advance+ Card (BAC+), designed to bolster the financial operations of companies engaged in global digital markets.
This launch is part of DBS’s broader strategy to facilitate smoother cross-border transactions for businesses amid heightened market volatility and rising e-commerce activity.
The new card, integrated with DBS IDEAL, the bank’s digital business banking portal, offers businesses a unified platform to manage multiple accounts and transactions across Southeast Asia.
This feature is a first in the region for a commercial debit card, emphasizing DBS’s innovative approach to digital banking solutions.
Key features of the BAC+ include the ability to lock in foreign exchange rates up to a year in advance, which shields businesses from the unpredictable swings in currency values.
This hedging capability is critical as companies increasingly engage in international transactions. Moreover, the card offers zero foreign exchange conversion fees in over 200 countries, and up to 2% cashback on select business-to-business transactions, presenting significant cost savings for businesses.
In addition to the BAC+, DBS also launched the DBS StartUp Movement, a collaborative effort with ACE.SG and Visa.
This initiative aims to support early-stage companies by providing them with essential resources and strategies to optimize cash flow and navigate financial challenges in a volatile market.
The program also intends to furnish businesses with insights into financial planning and profitability pathways.
The BAC+ and the accompanying DBS StartUp Movement are part of DBS’s ongoing initiatives to support business diversification and transformation, particularly in capturing cross-border opportunities.
Earlier this year, DBS introduced the Bridging Business Horizons Programme, in cooperation with the Singapore Business Federation and Enterprise Singapore, to assist companies in expanding into new markets across Asia.
This series of strategic moves underlines DBS’s commitment to enhancing its digital offerings and supporting the growth of businesses at various stages of development, particularly as they navigate the complexities of the global market landscape.
