CIMB Bank Singapore to automate SCF with SESAMi Holding partnership

Friday 15 November 2019 10:33 CET | News

The Singapore division of Malaysian bank CIMB has teamed with SESAMi Holding and Capital Match to digitally finance invoices for the supplier community.

Local magazine Singapore Business Owners found that pending payments to SMEs amounted to USD 3 billion in 2018. 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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Keywords: CIMB, SESAMi Holding, Capital Matc, partnership, Singapore, e-procurement, supply chain finance, Singtel, SATS, SIA, SME financing solution, SME financing, SCF, Asia, APAC
Categories: Banking & Fintech
Countries: Singapore
This article is part of category

Banking & Fintech