DBS Bank India collaborates with StartupTN to foster entrepreneurship in Tamil Nadu
Partnership focuses on early-stage startups with special emphasis on Tier 2 and Tier 3 towns
Tamil Nadu ranks among the top 10 States in India for number of startups and is an emerging entrepreneurial hub. The collaboration with DBS Bank India is aimed at strengthening the ecosystem and driving innovation within the State by providing crucial support to startups, including knowledge sharing through various forums and facilitating connections with potential investors. The partnership will impact and engage more than 1,000 Startups in Tamil Nadu through StartupTN’s eight regional hubs in metros, as well as Tier 2 & Tier 3 cities.
There is a need for customised solutions to help startups navigate the specific challenges they face early on in their journey such as access to funds, legal queries, application of industry best practices, etc. This is where DBS Bank India aims to play a pivotal role with specialised offerings that include Zero AQB charges for the first two quarters, FDI Assistance, and API Banking for seamless financial management. In addition, there are value-added services like Flexi Fixed Deposits and frictionless cross-border services for startups hoping to capitalise on global opportunities.
Beyond banking solutions, DBS Bank India will also facilitate a host of value-added services via its partner network like trademark registration assistance to protect intellectual property, health and welfare packages for employees, and access to a venture intelligence platform for market insights. As part of this collaboration, new-age companies associated with StartupTN will have an opportunity to connect with DBS Bank India’s network of over 30 accelerators, incubators and ecosystem enablers so that they can gain from being part of a larger entrepreneurial community.
Sudarshan Chari, Executive Director & Head – SME Banking, DBS Bank India, said, "India’s startup ecosystem is at a critical juncture. There is a clear need for a more personalised approach to help boost the success rate of enterprises in the early stages of their growth cycle. At DBS Bank India, with our local business insights, digital capabilities and access to global markets, we enable startups to achieve their full potential. Our partnership with StartupTN will further strengthen our ability to provide a meaningful platform for businesses and entrepreneurs to thrive and scale their ventures.”
Commenting on the partnership, StartupTN Mission Director and Chief Executive Officer Thiru. Sivarajah Ramanathan said, "We are excited to note that banks are offering innovative, comprehensive solutions for startups. StartupTN is keen to work with banks to identify and meet the needs of startups across the State. Our partnership with DBS Bank India is an exciting development and we are confident that the association will help to accelerate the growth of startups in Tamil Nadu.”
Currently, StartupTN empowers 7,400+ start ups registered with the Department for Promotion of Industry and Internal Trade, Government of India, across 30 sectors with strong growth expectations as the State of Tamil Nadu is aiming to encourage the creation of more than 10,000 new startups by 2026. The partnership is another step forward for DBS Bank India, which endeavours to be a core enabler for the startup ecosystem, catalysing sustainable growth and digital innovation in the country. In April 2022, DBS Bank India launched FoundED - a forum that celebrates modern-day founders and innovators, held across major startup hubs like Chennai, Bangalore, Hyderabad, Mumbai and Delhi. So far, 550+ startups and 50+ investors/incubators have been engaged via the FoundED initiative across India. These efforts help SMEs grow their business and network with key business influencers, receive the latest market trends, and gain exclusive access to a knowledgeable community of Asia's business masterminds.
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia, and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney, and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 15 consecutive years from 2009 to 2023. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022.
DBS Bank has been present in India for 29 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. The bank now has a network of ~530 branches in 19 Indian states.
As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience. In 2020, DBS introduced the "Towards Zero Food Waste" initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
Media Contacts:
DBS Bank India Rohini Rego 99305 49207 | Adfactors PR Chennakeshav Shenoy 9819266998 |