DBS Bank Singapore helps SMEs grow with AMP Credit Technologies
12th January 2016
AMP Credit Technologies, the high-growth Level39 member focused on alternative finance, has signed a deal with DBS Bank to provide its customers with unsecured working capital loans helping small businesses grow.
DBS Bank, the Singaporean multinational banking institution, has rolled out DBS mLoan using AMP’s technology, plugging the credit gap faced by small businesses.
Small businesses, in Singapore and in many other nations, often find it difficult to obtain short-term unsecured loans – however, the new partnership with AMP enables DBS to offer loans of up to SGD100,000 (£48,000) with no collateral required.
AMP’s technology taps electronically verifiable cash flows, such as card payments, to assess each application. These cash flows are studied and measured against sector models of payments and collections and a credit assessment is made accordingly.
Thomas DeLuca, CEO of AMP Credit Technologies, said: “We are very pleased to be working on this exciting initiative with DBS, which is a frontrunner in innovative thinking. With DBS’ leadership and AMP’s patented platform, Singapore small businesses will finally have an option to obtain working capital that is equitable, transparent and convenient. We look forward to working with DBS for a successful rollout in Singapore and ultimately across the region.”
Earlier this year, AMP Credit Technologies launched Amplifi Capital, to provide transparent and equitable unsecured loans to under-served small businesses in the U.K.