Funding Societies partners with SGeBIZ to transform SME financing in Singapore

In a groundbreaking development for Southeast Asia’s financial ecosystem, Funding Societies and Singapore E-Business (SGeBIZ) have joined forces in a strategic partnership that promises to redefine the financing landscape for small and medium-sized enterprises (SMEs). This innovative collaboration is set to unleash a new wave of embedded finance solutions, empowering thousands of businesses with the much-needed agility to thrive in today’s dynamic economic climate.

The partnership between Funding Societies and SGeBIZ is poised to introduce embedded finance (EmFi) solutions to Singapore’s bustling business sector. At the heart of this initiative is the integration of Funding Societies’ “Buy Now, Pay Later” (BNPL) feature into SGeBIZ’s procurement platform, EzyProcure. This synergy aims to provide over 2,000 businesses with tailored financing solutions to enhance their cash flow management.

Singapore Country Head of Funding Societies, Simon Xie, said, “We’re honoured to partner with SGeBIZ in taking a more holistic approach to 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 is fertile ground for EmFi solutions, with a forecasted market revenue potential of $306 billion. The global B2B e-commerce market, already outpacing B2C, is expected to grow at a compound annual growth rate of 22% until 2030. Payment options like BNPL are becoming a key differentiator in the B2B buyer-merchant ecosystem, addressing the preference of 95% of B2B online buyers for credit terms.

The partnership is a realisation of a vision held by the leadership of SGeBIZ since its inception. It aims to provide SMEs with the liquidity needed to navigate economic uncertainties and rising operational costs. The BNPL offering is set to complement the EzyProcure platform, which has already brought efficiency gains to its users.

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.”

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