The multibank supply chain finance platform collaborate with Privasia to offer digital supply financing to its ProcureHere’s customers
Malaysian fintech company focusing on supply chain finance CapitalBay announced a collaboration with e-procurement platform by Privasia, ProcureHere.
With the collaboration. ProcureHere’s users can bridge their cash flow gap using CapitalBay’s service, in which a buyer that orders to a supplier via ProcureHere will be able to apply for supply chain finance from CapitalBay.
With the arrangement, ProcureHere’s users will get paid earlier for their invoices and buyers have the option to pay later.
In terms of SME financing, the partnerships between the two companies will be improved using CapitalBay’s credit risk-scoring engine with machine learning technology. Trade history, relationship, and performance data courtesy of ProcureHere will also be considered.
“The new partnership is a key part of CapitalBay’s mission to broaden its reach across Malaysia and provide meritocratic financing to businesses of all sizes,” said Ang Xing Xian, Chief Executive and Co-founder of CapitalBay.
“We look forward to solving the problem in supply chain process for both the buyers and suppliers. Buyers would be able to receive goods faster, while suppliers enjoy early payment on delivery all with better cash flow,” said Puvanesan Subenthiran, Chief Executive and Managing Director of Privasia.
Privasia is a Malaysian ICT company that aims to assist the optimization of local businesses’ working capital. Through its cloud-based procurement platform ProcureHere, Privasia claimed to have facilitated over 50 clients worth over RM5 billion in purchasing.
CapitalBay is a multibank supply chain finance platform based in Malaysia that seeks to achieve financial inclusion by providing structuring financing solutions for the underserved.
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