Singapore being one of the best financial regions in the world, different entities from different regions are hoping to take part of this strong pool. Recent news show strong partnerships and deals that are taking place for the financial sector; especially for banks to help expand in the region and aid the different businesses.
One of the most recent and huge deals was The State Bank of India (SBI) move towards expanding inside Singapore. This expansion was based on the fact that the company has had a strong impact on the region and solid basis which is why they agreed on starting to expand. This expansion is mainly based for Small and medium enterprise (SMEs) which play a large part of the business sector of Singapore.
Another feature that the bank will provide to the region is the release of their YONO SBI app which allows e-banking and eases the FinTech sector. Different remittance services will be provided to the public and these businesses through different regions and kiosks in the city which will allow eRemit and remittance.
This was commented on by Head Kishore Kumar Poludasu who is the SBI Country Head by saying, “We are working on extending credit to Singapore-based SMEs, supporting their businesses both locally and regionally. We see the potential of further expanding our services to SMEs. Disruptive technologies are fast changing the marketing of services across the globe. We in the banking sectors are working hard on innovations and maintain a lead in applying these technologies across our network of global businesses.”