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DBS partners with P2P platforms for lending

image013DBS Bank is partnering with two entities involved in peer-to-peer (P2P) lending platforms to expand funding sources available to small businesses. The bank said it has signed cross-referral agreements with Funding Societies and MoolahSense, which becomes the first such collaboration between established banks and fintech start-ups in Singapore. DBS will refer to Funding Societies and MoolahSense some of the smaller businesses the bank is unable to lend to. The lending platforms, in return, will refer borrowers who have completed two successful rounds of fund-raising to DBS for larger commercial loans and other financial solutions such as cash management. To safeguard privacy, DBS and the P2P lenders will only share information when they have obtained borrowers’ consent in advance, added the bank.

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