SBI plans tapping Singapore SME businesses; to introduce YONO SBI app

  • We are working on extending credit to Singapore-based SMEs', said SBI Country Head Kishore Kumar Poludasu
  • Singapore SMEs accounts for 65% of employment and contributed SGD 196.8 billion in 2017.
  • Singapore: The State Bank of India is planning to expand its market in Singapore by enhancing its relationship across small and medium enterprises (SMEs) some of which have strong footholds across Asia Pacific.

    Acknowledging the stiff competition from Financial Technology (FinTech) companies, the SBI is also contemplating introducing its YONO SBI app while having opened remittance services to all bank accounts through eRemit and remittance kiosk channels in the city state.

    "We are working on extending credit to Singapore-based SMEs, supporting their businesses both locally and regionally," said SBI Country Head Kishore Kumar Poludasu, who recently took charge of the bank in a marketplace with global trading and financial links.

    Singapore SMEs accounts for 65% of employment and contributed SGD 196.8 billion or 49 per cent to the economy in 2017, according to the Department of Statistics here.