DBS Bank (Hong Kong) and GS1 Hong Kong have launched a digital post-shipment trade financing solution powered by alternative data. With this offering, small and medium-sized enterprises (SMEs) on GS1 Hong Kong’s ezTRADE platform can use their trade data to access financing in a digital and straight-through manner instead of manually submitting hundreds of invoices every month.

SMEs can also enjoy faster access to funding with minimal hassle. Leveraging on GS1 Hong Kong’s ezTRADE data and DBS’ digital capabilities, SMEs can obtain trade financing within the same day. And they no longer need to submit hundreds of invoices manually to the bank. This paperless approach to trade financing not only frees SMEs from repetitive document submission, but also paves the way for more digital and sustainable business practices.

This solution redefines the trade financing journey through a streamlined credit assessment process. Through the bank’s predictive analytics capabilities, invoice data is used to assess the financial health of SMEs.

“By enabling the use of their trade data for enhanced access to financial services, SMEs can further fortify their business resilience,” says Alex Cheung, managing director and head of institutional banking group of DBS Hong Kong. “They can enjoy a fast turnaround time and draw down on their facility to meet the needs of their business.”