Southeast Asia’s SME digital finance platform Funding Societies has partnered with SGeBIZ, a provider of digital procurement, payment, and sourcing solutions, to introduce embedded finance solutions for SMEs in Singapore. (fintechnews.sg)
This collaboration aims to integrate Funding Societies’ financing capabilities into SGeBIZ’s EzyProcure platform through a “Buy Now, Pay Later” (BNPL) feature.
The initiative will reportedly benefit over two thousand businesses using EzyProcure, predominantly from the food and beverage sector, by providing customised financing solutions to aid in cash flow management.
This move is expected to enhance the financial agility of SMEs by enabling them to manage their procurement and payments more effectively.
EzyProcure, launched in 2016, is a cloud-based platform that automates ordering, invoice reconciliation, and payment processes for businesses, particularly in the food and beverage industry.
The platform helps replace manual processes with streamlined, digital solutions, freeing up valuable resources for business growth.
Since its inception in 2015, Funding Societies has facilitated over S$5 billion in business financing, positively impacting over 100,000 SMEs across its operating regions, which include Singapore, Indonesia, Malaysia, Thailand, and Vietnam.
Simon Xie, Singapore Country Head of 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.”
Edmund Louis Nathan, Group CEO of 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.
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.”
