Singapore banks prepared for downturn

Through its Quick Finance engagement tool, DBS can quickly approve up to US$300,000 (RM1.3mil) in small-ticket working capital loans for SMEs almost instantly. — Bloomberg

SINGAPORE: With economists worldwide forecasting a global recession, local lenders DBS, UOB and OCBC are taking proactive steps to support their customers ahead of a possible economic downturn.

These include using technology to pre-empt any deterioration in the financial environment for small and medium enterprises (SMEs).