DBS, in partnership with Visa, has introduced Southeast Asia’s first multi-currency commercial debit card, the DBS Business Advance+ Card (BAC+). This card is designed to support companies navigating the complexities of a globalised digital marketplace, offering them enhanced control over foreign exchange (FX) volatility, cost savings on overseas transactions, and improved cash flow management.

The BAC+ card equips businesses with the ability to hedge against FX fluctuations by locking in rates for up to a year in advance. This feature is crucial for companies dealing with multiple currencies, allowing them to manage payments at favourable rates and ensuring stability amid market uncertainty.

Businesses using the BAC+ card will also benefit from zero FX conversion fees across more than 200 countries and territories, alongside up to 2% cashback on select business-to-business transactions. This cashback applies when companies charge at least SGD2,000 monthly on eligible transactions, potentially saving firms substantial sums. For instance, a company spending SGD10,000 a month on overseas transactions could save up to SGD550 each month.

One-Stop Platform for Business Transactions

A key innovation of the BAC+ card is its integration with DBS IDEAL, the bank’s digital business banking portal. This platform allows companies to manage multiple accounts and transactions in one place, offering real-time visibility and control over expenses. This level of oversight is particularly valuable for businesses operating across borders, where managing finances efficiently is critical.

Koh Kar Siong, Group Head of Corporate and SME Banking at DBS, highlighted the importance of the card, stating: “Cross-border payments have become indispensable for businesses. However, market uncertainty and volatility present significant forex risk to companies transacting in multiple currencies. The DBS Business Advance+ Card is designed to help businesses navigate these challenges by leveraging the bank’s deep capabilities in digital payments and foreign exchange, as well as our extensive experience in doing business across Asia.”

Supporting Startups and SMEs

In conjunction with the BAC+ launch, DBS has also introduced the DBS StartUp Movement, in collaboration with ACE.SG and Visa. This initiative aims to foster a supportive community for early-stage enterprises, offering them resources and strategies to optimise cash flow and overcome financial challenges.

Adeline Kim, Visa’s Country Manager for Singapore & Brunei, emphasized Visa’s commitment to supporting small businesses: “We’re seeing that slightly over half of all commercial card spend on debit cards is cross-border, and there is a clear need to support businesses in managing their foreign currency volatility. Our partnership with DBS to launch the DBS Business Advance+ Card is a testament to this commitment.”

Saurav Bhattacharyya, Chairman of ACE.SG, added: “Partnering DBS as they launch their DBS StartUp Movement and curated digital financing solutions aimed at globally aligned businesses is timely. Access to these financial tools from DBS and Visa, and having the ecosystem come closer together, will be integral in helping and supporting many founders, entrepreneurs, and businesses scale sustainably in this volatile climate.”

Expanding Cross-Border Opportunities

The launch of BAC+ and the DBS StartUp Movement marks the latest step in DBS’s broader efforts to support businesses in capturing cross-border opportunities. In June, DBS launched the Bridging Business Horizons Programme, aimed at helping companies expand into new markets across Asia.

As businesses continue to navigate the complexities of a global economy, DBS and Visa’s latest offerings are poised to provide critical support, enabling companies to manage their financial operations with greater certainty and efficiency.