Search

Funding Societies, Singapore e-Business ink partnership for B2B embedded finance solutions in SG

by

Azunta Gaviola

-

4 weeks ago

Are you ready to unlock the secrets to skyrocketing your e-commerce business in the hearts of Southeast Asia’s e-commerce hub? The ‘E-Commerce Marketing Series 2024’ conferences are coming to Malaysia and the Philippines starting this July! Click here to find out more!

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.

Discover the current trends in business communication based on over 473 billion interactions. Download the free report here to stay ahead of the curve in messaging trends!
Experience history at MARKETECH APAC’s ‘Marketing Technology Awards 2024! On November 28, live in Singapore, celebrate visionaries shaping Asia-Pacific’s marketing tech across 45 categories. Join us in honouring innovation and excellence! Click here to learn more.

 

Share

RECENT ARTICLES

Elitery to expand cloud expertise as Indonesia’s Google Cloud managed services provider
Mastercard enhances fraud detection capabilities with additional AI-powered security features
Vietnam’s PVcomBank unveils new mobile banking service using Temenos Digital on AWS
GreenNode to elevate artificial intelligence capabilities across APAC with Nvidia, global partners collaboration
FWD Group to bolster cloud tech capabilities with AWS partnership extension
Ellipse 3

RELATED ARTICLES

Elitery to expand cloud expertise as Indonesia’s Google Cloud managed services provider
Vietnam’s PVcomBank unveils new mobile banking service using Temenos Digital on AWS
2_GreenNode to elevate artificial intelligence capabilities across APAC with Nvidia, global partners collaboration_11zon (3)
Ellipse 3

FEATURED ARTICLES

Elitery to expand cloud expertise as Indonesia’s Google Cloud managed services provider
Vietnam’s PVcomBank unveils new mobile banking service using Temenos Digital on AWS
2_GreenNode to elevate artificial intelligence capabilities across APAC with Nvidia, global partners collaboration_11zon (3)

Subscribe to UpTech Media Newsletter

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.