Leveraging its own internal network of startups, DBS will help boost income for food and beverage businesses through its own online delivery platform.

DBS will offer a plug-and-play solution for its SME clients in the F&B industry as a relief package to help boost sales. In collaboration with homegrown tech startups, Oddle and FirstCom, the Singaporean lender will help F&B businesses set up online ordering operations and support digital marketing in the midst of an ongoing coronavirus pandemic that is threatening cash flow levels. 

«As a result of Covid-19, consumer behavior is likely to change as web-shy consumers are now pushed to embrace online food orders and doorstep deliveries,» said Joyce Tee, group head of SME banking at DBS, in a statement.

«We are confident that today’s measures, coupled with our suite of digital payment and financing solutions, will help F&B businesses turn adversity into opportunity and place them in a stronger position to seize the growth opportunities that will emerge when this crisis passes.»

Time to Market

For interested F&B providers, Oddle can help establish a branded e-menu with an integrated shopping cart, order management and payment services in three business days. This compares with competitors which can typically take up to several weeks or months. FirstCom will support digital marketing efforts with a successful track record of establishing an online presence in fewer than five working days.

And on logistics, F&B SMEs will have an option to integrate with Oddle’s preferred logistics partners for on-demand food delivery. 

Two Birds, One Stone

The new launch could prove to be a creative success as it could potentially kill two birds with one stone in an adverse environment. In addition to leveraging its digital capabilities to provide relief, DBS will also be able to deepen digital engagement with business clients.

«The DBS F&B digital relief package elevates our support for the F&B community by creating an ecosystem of government partners and homegrown technology startups to help affected businesses overcome cashflow challenges by creating new income streams fast,» Tee added. 

The «digital relief package» is expected to launch by the end of this March and will be supported by Infocomm Media Development Authority (IMDA) and Enterprise Singapore.