The Rizal Commercial and Banking Co. (RCBC), has unveiled an SME business loan program for women which promises to increase their financial capacity and address the growing demands of their businesses, reported Philstar.
The bank’s Women’s Enterprise Loan is the first such program targeted at Filipinas entrepreneurs. Combining the resources of RCBC and RCBC Savings Bank, Bankard, and Malayan Insurance, the program offers variety of banking products useful to businesses, its shareholders, officers, and staff. Read more
This geek has been following with increasing interest how banks operating in Singapore are innovating to better serve their customers in this day and age. From OCBC’s credit cards with personalized designs, UOB’s mobile cash (Barclay’s just announced their mobile cash service this week too), banks like Standard Charter Bank (SCB) have been innovating hard to improve their offerings.
They’ve recently well-received Breeze iOS app, which unfortunately cannot be used by corporate customers, and announced a 1.88 percent per annum return on your current account up to a maximum of S$25,000, under the Bonus$aver‘s scheme.
That is substantial, especially in a time where local interest rates are much lower (you can check how SIBOR rates have dropped over here). This geek was curious to find the catch. Read more
What cheeses off entrepreneurs the most about business banks in Singapore? To find out, we did an informal poll on Facebook and got some answers: a huge chunk highlighted cost transaction fees as a bugbear, while poor service attitude and slow response times received a lot of enthusiastic nods.
We got a hint of these concerns from another group of entrepreneurs we surveyed a while ago. Many of them have been held back by long waiting times and queries that went buried. My own experience with UOB wasn’t ecstasy either. I attempted to contact them an entire Friday afternoon, and they virtually ignored me.
For overworked entrepreneurs who don’t have a lot of time to waste, such service standards are unacceptable. So I spoke to a few more entrepreneurs to find out what they have to say. Their responses below. Read more
Do Singapore banks measure up in the eyes of start-up entrepreneurs?
In Singapore, it looks like OCBC is the most popular bank among start-up entrepreneurs for creating a business account. That is the result of a poll SGE did on Facebook and LinkedIn in which 127 entrepreneurs responded.
Here’s what we asked them: “As a start-up founder in Singapore, which bank do you go to and set up your local account?”
Actually, OCBC is the leading bank by a mile at 45 percent of the respondents. The others, DBS (17 percent), UOB (15 percent), and Standard Chartered (13 percent), were not even close.
With such a yawning gap, it’s easy to assume that OCBC is the best choice for every entrepreneur — but that’s not necessary the case. To find out more, we dug a little deeper, speaking to entrepreneurs and comparing the different banks ourselves. Read more