Nary a day goes by without news of a big bank putting more resources into fintech.

Today, DBS Bank has announced it has signed a deal with two p2p lending platforms Funding Societies and MoolahSense, expanding funding options for SMEs. This marks the first time a Singapore bank is partnering with these platforms.

For SMEs who are unable to acquire loans from DBS for reasons such as lack of audited accounts or personal income statements, it would refer them to these two p2p lending platforms. In return, the p2p lending platforms will refer borrowers who have completed two successful rounds of fundraising to DBS for larger commercial loans and other financial solutions such as cash management.

To safeguard borrowers’ privacy, the bank and p2p lenders will only share information when they have obtained borrowers’ consent in advance.

In recent years, DBS has been actively growing its loans solutions for over 100,000 SMEs in Singapore.

One example is the SPRING Singapore’s Micro Loan Programme (MLP), through which DBS receives an average of 1,800 SME applications a year. Last year, the bank also launched a venture debt programme which provides financing to tech startups.

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“DBS’ partnership with Funding Societies and MoolahSense is a good example of how traditional and alternative finance providers can work together to support the funding needs of small businesses. Such partnerships are becoming common in markets such as the UK and we are pleased to partner two leading p2p lenders in Singapore in this pilot programme.” said Joyce Tee, Group Head of SME Banking, DBS.

This deal is also DBS’s second fintech venture this year. It had previously launched a programme, in collaboration with AMP Credit Technologies to help banks make credit assessments for small business loans. This programme relies on electronically verifiable cash flows instead of financial statements, personal income statements and physical collateral to assess the health of the businesses and their ability to repay.