L-R: Simon Xie, Singapore Country Head, Funding Societies; Edmund Louis Nathan, Group CEO, SGeBIZ
Singapore, 24 April 2024 – Funding Societies, the largest unified SME (small and medium enterprises) digital finance platform in Southeast Asia, announced a strategic partnership with Singapore E-Business (SGeBIZ) – a digital procurement, payment and sourcing platform provider – to bring B2B (business-to-business) embedded finance (EmFi) solutions to businesses in Singapore, that will channel Funding Societies’ digital financing capabilities via the “Buy Now, Pay Later” (BNPL) feature offered within the latter’s procurement solution, EzyProcure.
The partnership will allow the over two thousand businesses, who are using the EzyProcure platform – comprising mainly SMEs from food and beverage businesses and their suppliers using the platform – to be able to receive a customised financing solution, supported and underwritten by Funding Societies, to help these businesses manage their cash flow.
Singapore Country Head of Funding Societies, Simon Xie, said, “We’re honoured to partner with SGeBIZ in taking a more holistic approach in serving SMEs to aid their cash flow management needs. One such way is recognising how we are embedding our digital financing capabilities and best practices in serving Singaporean SMEs over the past nine years to support the BNPL offering via EzyProcure. This will synergise both companies’ value propositions to reach more underserved SMEs in Singapore.”
The Asia Pacific region shows the most promise of EmFi solutions flourishing, forecasting US$306 billion market revenue potential – more than half that of the global market potential of US$606 billion. Furthermore, The global B2B e-commerce market is already six times larger than that of B2C (business-to-consumer) – with Asia Pacific projected to grow at a compound annual growth rate (CAGR) of 22% until 2030[]. Innovative payment options such as BNPL become a key differentiating factor for an B2B buyer-merchant ecosystem, especially when 95% of B2B online buyers prefer paying on credit terms just as they would offline, but are unable to do so with only less than 10% of merchants offering such an option.
Group CEO of SGeBIZ, Edmund Louis Nathan said, “The partnership with Funding Societies is something I have envisioned since the inception of SGeBIZ, to be able to value-add and help our SMEs by providing much-needed liquidity to grow their businesses. It is also extremely timely, with the uncertainty in the economic conditions, rising costs associated with food costs, labour, rental and even utilities. The BNPL offering will serve as a perfect complement to our existing EzyProcure platform which has added efficiency gains to new and existing Buyers and Suppliers in our ecosystem.
Launched in 2016, EzyProcure is a cloud-based platform that automates the business-to-business ordering, invoice reconciliation and payment processes for food and beverage businesses with their suppliers. In doing so, businesses replace many tedious manual processes and with access to liquidity, SMEs can allocate more time for growth.
Since its inception in 2015, Funding Societies has disbursed over SGD5 billion (approx. SGD3.67 billion) in business financing through five million transactions, positively impacting over 100,000 SMEs across its five markets in Southeast Asia, namely Singapore, Indonesia, Malaysia, Thailand and Vietnam.
Indonesia
Pemberi Dana
layanan@modalku.co.id
+62 877 7126 5290
Penerima Dana
info@modalku.co.id
+62 877 7873 6144
Unifam Tower, Jl. Panjang Raya
Blok A3 No.1, Kedoya Utara,
Kebon Jeruk, Jakarta Barat,
DKI Jakarta, 11520, Indonesia
Singapore
info@fundingsocieties.com
General Enquiries:
+65 6221 0958
Sales Enquiries:
+65 6011 7534
112 Robinson Road
Level 8
Singapore 068902
Malaysia
info@fundingsocieties.com.my
Primary contact
+603 9212 0208
Secondary contact
+603 2202 1013
Unit 15.01 & Unit 15.02,
Level 15, Mercu 3,
KL Eco City, Jalan Bangsar,
59200 Kuala Lumpur
Thailand
SME Loan
info@fundingsocieties.co.th
+66 93 139 9721
Investment
invest@fundingsocieties.co.th
+66 62 197 8661
No. 188, Spring Tower,
10th Floor, Phayathai Road,
Thung Phaya Thai Sub-district,
Ratchathewi District,
Bangkok, 10400
Vietnam
info@fundingsocieties.vn
(+84) 28 7109 7896
The Sentry P
16 Nguyen Dang Giai Street,
Thao Dien Ward, Thu Duc City,
Ho Chi Minh City, Vietnam
Dreamplex
174 Thai Ha Street,
Trung Liet Ward, Dong Da District,
Hanoi, Vietnam
Funding Societies is Southeast Asia's leading SME digital financing platform. We specialise in all forms of short-term financing for SMEs, funded by individual and institutional investors. We pride ourselves in speed and flexibility, offering the widest range of term loan, trade finance and micro loan products. Backed by SoftBank Ventures Asia Corp and Sequoia India, amongst many others, Funding Societies has helped to finance over S$2 billion in business loans regionally. We are dedicated to the vision of enabling SMEs through equitable financial access, ultimately making a positive impact for our societies in Southeast Asia.
Funding Societies Pte. Ltd. and FS Capital Pte. Ltd. are part of the Funding Societies Brand.
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