Today, the Singapore division of Malaysian bank CIMB announced a collaboration with e-procurement platform SESAMi Holding and Capital Match to digitally finance invoices for the supplier community.
Supply chain finance is a growing need in Singapore. Local magazine Singapore Business Owners found that pending payments to SMEs amounted to S$4.15 billion ($3 billion) last year. According to a study by Xero, nine out of ten small businesses in Singapore reported their clients had defaulted on payments.
CIMB, SESAMi and Capital Match are working to solve this issue and provide SMEs with working capital by automating
supply chain finance. Last year, SESAMi merged with Capital Match for its peer to peer lending and SME financing solution. SESAMi is already serving customers like Singtel, SATS, SIA and SRC. The company claims suppliers on its platform will be paid for their outstanding invoices on the platform within two business days after they are on-boarded.
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