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NETS to support banks pilot loan solutions for SMEs

Friday 8 April 2022 11:00 CET | News

Singapore-based Network for Electronic Transfers (NETS), a payment services group, has announced that it will be supporting local banks to pilot loan solutions.

The solutions are targeting small and mid-size enterprises (SMEs) looking to expand their business or address any unplanned cash flow needs.

Payment-related data for participating SME merchants is available from NETS to local banks, allowing the loan application to be more efficient.

Approval time can also be shortened whilst allowing banks to have more insight to offer relevant financing solutions to NETS’ SME merchants.

During the pilot phase, the data and feedback gathered from participating merchants will be used to gauge the market response as well as to refine the product.

When officially launched, NETS will work on enabling hassle-free payments with participating banks, whereby a part of the SME merchants’ daily takings will be used to pay for the loan instalments via NETS’ POS terminals.


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Keywords: banks, SMEs, merchant, payments , cash flow
Categories: Banking & Fintech
Companies: Nets, Network for Electronic Transfers
Countries: Singapore
This article is part of category

Banking & Fintech

Nets

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Network for Electronic Transfers

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