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New fintech solution by InstaReM helps Singaporean SMEs manage cashflow

Wednesday 17 June 2020 11:47 CET | News

InstaReM, the consumer and SME brand under global fintech platform Nium, has announced the launch of a new service that helps Singaporean SMEs maximise their cash flow. 

The service, termed BizPay, uses credit limits in corporate cards and converts them into working capital to help businesses make payments, including commercial rent or uses or other supplier payments. Businesses will continue to enjoy commercial benefits that may be available on their corporate credit cards, such as membership rewards or cash rebates. 

Securing loans or credit has never been easy for SMEs— the absence of a stable and profitable portfolio is seen as a drawback by banks and financial institutions. Even before the pandemic, 61% of Singaporean SMEs held low credit standings and not more than 15%  of SMEs in fast-growing economies had access to the credit they required. The additional delays in payments induced by the pandemic have only aggravated this dearth of capital. While businesses may look to card-based payments to extend payment terms, the high transaction fees and FX markup act as a deterrent for payers as well as beneficiaries. 

To help SMBs gain cashflows without the need to go for yet another bank application, InstaReM has  launched BizPay, an online platform  which enables businesses to use their corporate cards as a funding source for supplier payments. Leveraging InstaReM’s existing remittance platform, business would only need to type the name of the beneficiary, the amount and currency of payment and charge the whole payment to their corporate card for funding. There is no need for the beneficiary to be directly card accepting or to be onboarded as part of the payment process. Businesses now gain full control of costs by eliminating fees and charges associated with other credit solution options.


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Keywords: InstaRem, Singapore, SMEs, cashflow, corporates, payments
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Singapore
This article is part of category

Banking & Fintech