State-owned lender State Bank of India is reportedly planning to bolster its presence in Singapore by catering to the small and medium enterprises (SMEs).

According to a PTI report, the bank plans to extend credit services to the Singapore-based SMEs.

With the latest initiative, SBI aims to tap the huge SME sector in Singapore, which contributed S$196.8bn ($145.36bn) or 49% to its economy in 2017, according to the state Department of Statistics data.

SBI Country Head Kishore Kumar Poludasu was quoted by the news agency as saying: “We are working on extending credit to Singapore-based SMEs, supporting their businesses both locally and regionally.

“We see the potential of further expanding our services to SMEs.”

The overall plan also includes the roll out of its YONO SBI app. The lender has already opened remittance services to all bank accounts through eRemit and remittance kiosk channels in Singapore.

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Poludasu added that the bank will apply for necessary regulatory approvals to introduce the YONO app. He opined that the app, which enables a variety of financial services, fit into Singapore’s banking systems.

SBI has been present in Singapore since 2008 operating in retail and corporate sectors.

It has six branches in the country and offers ATM services under ATM5 network.

In March this year, State Bank of India (SBI) introduced card-less ATM cash withdrawal service. The service is offered through YONO app.