SME Finance Forum member, Development Bank of Singapore (DBS) launched DBS MAX, a mobile-based QR code payment tool that allows SMEs to receive payments from consumers and business partners. 

According the article, the tool was created to encourage the implementation of ePayments among SMEs and solve SME-related issues managing cash flow and finances.

“Cash flow is the lifeblood of a [SMB],” said DBS bank group head of cash product management Jasmin Ng in a statement. “It is also critical to their success and overall viability. Apart from developing solutions to help our clients deliver an enhanced customer experience, we also look at ways to optimize their cash flows and improve their working capital management. This is important as SMEs form the backbone of Singapore’s economy, employing two thirds of our workforce and contributing more than half of our GDP.”

DBS MAX, eliminates the need for SMEs to establish a separate POS terminal while providing automated, enhanced bookkeeping and accounting features, according to the article.