Singapore – Digital finance platform Funding Societies has announced that it has recently embarked on a strategic partnership with Singapore E-Business (SGeBIZ) to bring B2B embedded finance solutions to businesses in Singapore.
This partnership will leverage the company’s digital financing capabilities through the “Buy Now, Pay Later” feature within the Singapore E-Business procurement solution, EzyProcure.
As part of the agreement, the said alliance will further enable over two thousand businesses currently using the EzyProcure platform, primarily SMEs in the food and beverage sector and their suppliers, to access customised financing solutions. These initiatives will assist businesses in managing their cash flow.
Simon Xie, country head for Singapore at Funding Societies, 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 synergize both companies’ value propositions to reach more underserved SMEs in Singapore,” added Simon.
Edmund Louis Nathan, group chief executive officer at SGeBIZ, 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,” he further explained.
EzyProcure is a cloud-based platform launched in 2016 that automates B2B ordering, invoice reconciliation, and payment processes for food and beverage businesses and their suppliers.
Since its establishment in 2015, Funding Societies has disbursed over SGD5 billion (approximately SGD3.67 billion) in business financing through five million transactions. This move has had a positive impact on over 100,000 SMEs across its five Southeast Asian markets, including Singapore, Indonesia, Malaysia, Thailand, and Vietnam.
