In an attempt to support Indian MSMEs, DBS Bank India announced its partnership with eSamudaay today. eSamudaay (a SAAS-based solutions provider, owned and operated by Nirmund Digital Distributions Private Limited) claims to focus on non-metro towns and cities, providing digital solutions on both the buyer and seller side and logistic support to make doing business on the Open Network for Digital Commerce (ONDC) convenient for smaller players in the market.
With this partnership, DBS Bank India aims to meet the needs of SMEs and MSMEs while conducting business through ONDC and expanding its digital solutions beyond traditional banking.
Under this alliance, DBS Bank India aims to gain deeper insights into the end user’s requirements and can offer them customised solutions. Focusing on a more inclusive offering, the bank is expected to leverage its robust, globally-renowned digital capabilities and go beyond traditional banking to offer bundled and bespoke cash management solutions to cater to the diverse needs of SMEs and MSMEs - such as efficiently managing collections, payments, payroll, liquidity management, and financial products.
As eSamudaay’s financial partner, DBS Bank India thinks to pilot their solutions in a few South Indian cities such as Udupi, Thanjavur, Mangalore and Mysore, with a long-term plan to cover 24 cities across India, managing end-to-end-flows of the entire supply chain in those cities.
Divyesh Dalal, managing director and head of Global Transaction Services at DBS Bank India, said " Our endeavour has always been to enable our customers to drive efficiency and growth through customer-focused, digital solutions. This partnership furthers our commitment to empowering MSMEs, especially those beyond metro and tier-1 markets. We are excited to partner with eSamudaay, who share our ethos of enabling businesses to grow through innovation. We look forward to offering our customised financial solutions to local businesses and contributing towards the growth of India's burgeoning e-commerce market."
Expressing confidence at what could become a unique growth model for India and other countries, Anup Pai, co-founder and CEO of eSamudaay said, “Our team is happy to partner with a global bank that has taken a futuristic stand on decentralisation as a means to spread the wealth, as well as provide the financial resources to individuals and communities to expand their business. We have created a digital solution for decentralised, inclusive economic growth and believe that in DBS Bank India, we have found the right partner to offer a slew of financial products for local commerce to thrive.”