Funding Societies & SGeBIZ bring EmFi solutions for SMEs in Singapore

By Gloria Mathias

Funding Societies, the unified SME digital finance platform has partnership with Singapore E-Business (SGeBIZ), a digital procurement, payment, and sourcing platform provider, to bring B2B embedded finance (EmFi) solutions to businesses in Singapore.

This move will channel Funding Societies’ digital financing capabilities via the “Buy Now, Pay Later” (BNPL) feature offered within the latter’s procurement solution, EzyProcure.

The partnership will allow businesses, that are using the EzyProcure platform, comprising mainly SMEs from food and beverage businesses and their suppliers using the platform to be able to receive a customised financing solution, supported and underwritten by Funding Societies, to help these businesses manage their cash flow.

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 to recognise how we have embedded 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.”

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, and 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.

Launched in 2016, EzyProcure is a cloud-based platform that automates the business-to-business ordering, invoice reconciliation and payment processes for food and beverage businesses with their suppliers. In doing so, businesses replace many tedious manual processes and with access to liquidity, SMEs can allocate more time for growth.