SINGAPORE, Jul 27, 2022 – (ACN Newswire) – – SESAMi has successfully launched a collaboration with its 5 banking partners including OCBC, CIMB and Linklogis to allow suppliers using its platform to be paid immediately on their outstanding invoices and purchase orders.
SESAMi will reach out to the supplier community to initiate this program. “The funding process will be significantly accelerated through the use of our Advance Payment System (EPS), which was launched earlier this year for the SESAMi vendor community. With the digital funding program, vendors do not have to only to submit a minimum of documents to be incorporated into the program,” said Charath SinghCommercial Director of SESAMI.
The marketplace will allow suppliers to choose the financing partner best suited to their needs. Financial partners will, on the other hand, rely on the data provided by SESAMi’s e-procurement system to make faster and more accurate credit decisions in real time, allowing suppliers to access financing. at a lower interest rate than conventional products. offered off the shelf. “Customer experience remains key to this initiative, while we also recognize that keeping costs low is a priority for local businesses. This marketplace will give them the best of both worlds,” added Mr. Ong Teak Coming Soon, SESAMi Holding President and Group CEO.
Digital Funding Partners
Founded in 2016 with major shareholders such as Tencent, Singapore Government Investment Corporation (GIC) and Standard Chartered Bank, Linklogis is one of the largest providers of supply chain finance technology services in the world. Linklogis was successfully listed on the main board of HKEX in April 2021 as the first listed supply chain finance technology SaaS company in China. On June 3, 2022, Green Link Digital Bank (GLDB), founded by a consortium made up of Linklogis and Greenland Groupstarted its banking activities as one of the first digital wholesale banks with the official approval of the Monetary Authority of Singapore (MAS).
Desirous of bringing cutting-edge financial technology and experience serving SMEs to SingaporeMr. Raymond YeoDirector and Business Development Manager of Linklogis Singapore, said: “This is an exciting opportunity for Linklogis enter the local SME market. We hope to introduce our dynamic technology-driven platform to vendors in the SESAMi ecosystem and provide a seamless user experience at all stages of the funding process. »
OCBC Bank is the oldest Singapore bank, born in 1932 from the merger of three local banks, the oldest of which was founded in 1912. Recognized for its financial solidity and stability, OCBC Bank is consistently ranked among the 50 safest banks in the world by Global Finance and has been named the best managed bank in Singapore by The Asian Banker.
M Eric OngSenior Vice President, Global Commercial Banking, for OCBC, said, “The commercial data made available by SESAMi enables the bank to leverage another source of data for credit reporting. By using this data, SME customers no longer need to go through an onerous loan application process and are able to obtain funds much faster.”
About SESAMi (www.sesami.com)
SESAMi was founded in 1999 by a consortium of large companies to develop e-sourcing and e-procurement services. Over the years, the company has consolidated its position in the e-procurement sector by Singapore, while expanding into other services such as demand aggregation and e-finance. In 2018, SESAMi further expanded its technology capabilities by acquiring Capital Match, a leading lending platform in Singapore focusing on trade finance. Today, SESAMI processes approx. 6 billion Singapore dollars electronic purchase orders and 2 billion Singapore dollars electronic invoices per year on its platform with more than $225 million origination value through its electronic financing program.
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