Fintech Pairs Up With E-Commerce Provider to Offer B2B Embedded Finance
(26 April 2024 – Singapore) Singapore based Fintech Funding Societies has entered into a partnership with E-Commerce SGeBIZ to provide embedded finance solutions to businesses in the region.
The proposition uses a BNPL style feature offered in EzyProcure’s (SGeBIZ) procurement solution to help businesses manage their cash flow needs. The expected customer base for this venture is estimated at two thousand businesses in the Singapore region. Ernst & Young has previously estimated that the market revenue potential sits at A$343 billon.
The EzyProcure system was launched by SGeBIZ in 2016 and is a cloud based procurement platform, which allows businesses to automate B2B ordering, invoice reconciliation, and payment processing for hospitality businesses with suppliers.
Funding Societies is a SME digital finance platform which operates in the South East Asian region, and provides lending volumes of A$1.12 billion and has completed over 5 million transactions since inception.
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