DBS Bank India, the subsidiary of Singapore-based DBS Group, has announced a strategic partnership with StartupTN, the nodal agency of the Tamil Nadu government, to support entrepreneurship and innovation in the state. The partnership will benefit more than 1,000 startups in Tamil Nadu, especially in Tier 2 and Tier 3 cities, by providing them with banking solutions, knowledge sharing, and investor connections.
DBS Bank India Offers Specialised Banking Solutions for Startups
DBS Bank India, which has been operating in India since 1994, has been focusing on the SME and startup segment, offering specialised banking solutions that cater to their needs. The bank has a dedicated team of relationship managers, who provide personalised services and guidance to the startups. The bank also offers digital banking solutions, such as API banking, FDI assistance, and zero AQB charges for the first two quarters.
As part of the partnership with StartupTN, DBS Bank India will offer these banking solutions to the startups associated with the agency, along with value-added services, such as trademark registration assistance, health and welfare packages, and access to a venture intelligence platform. The bank will also leverage its network of over 30 accelerators, incubators, and ecosystem enablers, to help the startups connect with potential investors and mentors.
Sudarshan Chari, Executive Director and Head of SME Banking at 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.
StartupTN Promotes Entrepreneurship and Innovation in Tamil Nadu
StartupTN, which was launched in 2018, is the nodal agency of the Tamil Nadu government, which aims to foster entrepreneurship and innovation in the state, by providing various support and incentives to the startups. The agency has eight regional hubs across the state, covering metros, as well as Tier 2 and Tier 3 cities, such as Coimbatore, Madurai, Tiruchirappalli, and Salem. The agency also organises various events and programs, such as boot camps, hackathons, workshops, and pitch fests, to create awareness and opportunities for the startups.
StartupTN empowers over 7,400 startups registered with the Department for Promotion of Industry and Internal Trade, Government of India, across 30 sectors, such as IT, biotechnology, agriculture, healthcare, and education. The agency also has a vision to create more than 10,000 new startups by 2026, and make Tamil Nadu one of the leading startup hubs in the country.
StartupTN Mission Director and Chief Executive Officer 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.
DBS Bank India and StartupTN Aim to Boost the Startup Ecosystem in Tamil Nadu
The partnership between DBS Bank India and StartupTN is expected to boost the startup ecosystem in Tamil Nadu, by providing crucial support and resources to the entrepreneurs, especially in the Tier 2 and Tier 3 cities, where the potential and opportunities are high, but the challenges and gaps are also significant. The partnership will also help to create a culture of innovation and entrepreneurship in the state, and contribute to the economic and social development of the region.
DBS Bank India and StartupTN will work together to identify and engage with the startups, and provide them with the necessary banking solutions, knowledge sharing, and investor connections, to help them grow and scale their ventures. The partnership will also facilitate the exchange of best practices and insights between the two entities, and create a platform for collaboration and co-creation among the startups, the bank, and the agency.
The partnership is in line with the vision and mission of both DBS Bank India and StartupTN, which are to support and empower the startups, and to promote entrepreneurship and innovation in the country. The partnership is also a testament to the commitment and efforts of both the entities, to create a positive impact and value for the society, through their products and services.
