funding organizationSoutheast Asia's integrated SME digital finance platform, has entered into a strategic partnership with . electronic business in singapore (SGeBIZ) is a digital procurement, payments and procurement platform provider that provides B2B embedded financial solutions to businesses in Singapore.
Through this partnership, more than 2,000 Singapore-based companies currently using SGeBIZ's procurement solution 'EzyProcure' platform will receive support and underwriting from funding associations to help companies manage their cash flow. You will be able to receive customized financing solutions.
Launched in 2016, EzyProcure is a cloud-based platform that automates B2B ordering, invoice matching, and payment processes for food and beverage companies and their suppliers. By doing so, businesses can replace many tedious manual processes, gain access to liquidity, and allow small businesses to allocate more time to growth.
Simon SeeSingapore Country Director of Funding Societies said of the partnership: One such way is how we leverage digital finance capabilities and best practices in serving Singapore's SMEs for the past nine years to support his BNPL services through EzyProcure. It's about recognizing what you're incorporating. This will combine the value propositions of both companies to reach underserved SMEs in Singapore. ”
Since its founding in 2015, Funding Societies has disbursed over S$5 billion (approx. $3.67 billion) in business financing through 5 million transactions, and has a portfolio of businesses in five Southeast Asian markets: Singapore, Indonesia, Malaysia, Thailand and Vietnam. ) has positively impacted over 100,000 small and medium-sized businesses.
Built-in financial potential
Asia-Pacific is the region most likely to flourish for embedded financial solutions, with a projected market revenue potential of $306 billion, more than half of the global market potential of $606 billion.
The global B2B e-commerce market is already six times larger than B2C, and Asia Pacific is expected to grow at a compound annual growth rate of 22% through 2030. Payment options such as BNPL can be a key differentiator for B2B. The ecosystem of buyers and sellers, especially his B2B online buyers, despite the fact that 95 percent of them prefer to pay on credit terms just like offline, does not offer such an option. He is less than 10% of the sellers who are unable to do so.
edmund lewis nathanSGeBIZ Group CEO added: “Partnerships with funding bodies are something I have envisioned since the founding of SGeBIZ, to be able to add value and support SMEs by providing them with the liquidity they need to grow their businesses. BNPL's offering is also very timely given the uncertain economic situation and rising costs associated with food, labor, rent, and even utilities. It serves as a perfect complement to the EzyProcure platform, increasing efficiency for new and existing buyers and suppliers within our ecosystem.”
