SESAMi collaborates with various lenders such as banks and digital financing partners to finance trades within its eco-System of over 50,000 trading partners.
SESAMi has successfully launched a collaboration with its 5 banking partners including OCBC, CIMB and Linklogis to enable suppliers using its platform to get paid immediately on their outstanding invoices and purchase orders.
SESAMi will be reaching out to the supplier community to initiate this program. “The funding process will be massively sped up through leveraging on our Early Payment System (EPS), which was launched earlier this year for the SESAMi supplier community. With the digital financing program, suppliers only need to submit minimal documents to be on-boarded under the program,” said Sharath Singh, Commercial Director for SESAMi.
The marketplace will allow suppliers to pick and choose the financing partner best suited to their needs. The financing partners will, on the other hand, leverage on the data provided by SESAMi’s e-procurement system to make faster and more accurate credit decisions in real time, allowing the suppliers to gain access to financing at a lower interest rate than the conventional products offered off the shelf. “Customer experience remains key to this initiative whilst we also acknowledge the local businesses priorities is to keep their costs low. This marketplace will give them the best of both worlds,” added Mr Ong Teck Soon, SESAMi Holding’s Chairman and Group CEO.
Digital Financing Partners
Founded in 2016 with major shareholders such as Tencent, Government of Singapore Investment Corporation (GIC), and Standard Chartered Bank, Linklogis is one of the largest supply chain finance technology service providers in the world. Linklogis was successfully listed on the main board of HKEX in April of 2021 as the first supply chain finance technology SaaS enterprise listed in China. On 3rd June 2022, Green Link Digital Bank (GLDB), founded by a consortium comprising Linklogis and Greenland Group, commenced banking business as one of the first Digital Wholesale Banks with official approval from the Monetary Authority of Singapore (MAS).
Eager to bring cutting-edge financial technology and experience in serving SMEs to Singapore, Mr. Raymond Yeo, Director and Head of Business Development of Linklogis Singapore, said, “This is an exciting opportunity for Linklogis to introduce itself to the local SME market. We hope to showcase our dynamic tech-focused platform to the suppliers within SESAMi’s eco-system and provide a seamless user experience across all stages of the financing process.”
OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
Mr Eric Ong, Senior Vice President, Global Commercial Banking, for OCBC remarked, “The trade data made available from SESAMi allows the bank to leverage on an alternative source of data for credit assessment. 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 corporates to develop e-sourcing and e-procurement services. Over the years, the company has consolidated its position in the e-procurement sector in Singapore, while expanding into other services like demand aggregation and e-financing. In 2018, SESAMi further expanded its technological capabilities by acquiring Capital Match, a leading lending platform in Singapore focusing on trade finance. Today, SESAMi processes around S$6bn of e-purchase orders and S$2bn of e-invoices annually on its platform with over $225M worth of origination via its e-financing program.
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