DBS Bank launches digital cross-border settlements

DBS Bank (China) has launched a suite of digital cross-border settlement solutions in the Greater Bay Area, the first foreign bank to do so.

DigiDocs means companies will no longer need to go to the bank to submit paper receipts for online collection of goods.

DBS DigiDocs connects to customs in the GBA, ending the time-consuming practice of filling out remittance slips and submitting paper supporting documents.

Customers can now complete orders, submit digital customs declarations, book foreign exchange rates and send real-time remittances, all online.

Bruce Alter, head of global transaction services at DBS China said the GBA will be a key driver of growth and extra connectivity will be good for companies across the region.

Skyworth Group, one of China's top 100 digital companies, is already using DigiDocs. Ding Bin, deputy general manager and CFO, said the suite has met all their needs in payments and collections.

Complementing digital cross-border payments and collections, the solution will enable online booking of foreign exchange rates. DBS customers can select their preferred exchange rate according to real-time quotes.

DBS was one of the first banks invited by the Shenzhen Foreign Exchange Administration to pilot digitalisation of payment tax filing.