A strategic partnership aims to help SMEs capitalize on growth opportunities
SINGAPORE, July 13, 2021 – (ACN Newswire) – Opal, a large payments institution (MPI) licensed by the Monetary Authority of Singapore (MAS), and Funding Societies, the largest digital financing platform for SMEs in South Asia. Sud-Est, have initiated a partnership to offer a range of financing solutions to the ecosystem of Opal customers and partners. This partnership aims to provide Opal customers and partners with access to financing to meet short-term cash flow needs and capitalize on growth opportunities.
|Lim Ming Wang, co-founder, Opal|
|Shrawan Saraogi, Head of Partnerships and Products, Finance Companies|
As part of this partnership, Opal will offer Funding Societies’ range of financing solutions to small and medium-sized enterprises (SMEs) who will be able to access multiple financing solutions at a relatively lower rate and faster processing time. In addition, to reduce the financial burden on SMEs, Opal and finance companies will reduce processing fees on all disbursements up to 50% of the loan amount and offer full facility fee waiver on all products in the loan. range.
Lim Ming Wang, Opal co-founder, said, “Based on MAS’s growth forecast for 2021, Singapore’s economic growth will be robust but uneven. As an SME focused company in Singapore, we want to be able to help companies in their growth period that are looking for solutions to strengthen their cash flow. We are thrilled with this partnership as businesses can now access multi-currency management, payment and financing solutions from a single platform on Opal. by the interconnectivity of these different financial and business solutions, companies will obtain ever better prices and faster turnaround times. “
Shrawan Saraogi, Head of Partnerships and Products at Funding Societies, said: “As a FinTech founded with a mission to drive savings, we believe in helping SMEs access easy financing solutions. and fair. We want to help them by giving them the impetus for growth. I think this partnership is ideal as we would be able to support Opal’s customer and partner ecosystem with our wide range of growth finance solutions.
In addition to offering financing solutions through finance companies, Opal also offers cross-border money transfers and multi-currency accounts to SMEs in Singapore. Opal aims to make corporate financing more accessible and transparent for its clients.
Opal is a leading provider of end-to-end, regulated payment and financial solutions based on a robust and proven platform and proprietary technology. Founded by a team of seasoned professionals in financial solutions, banking services, compliance, cross-border payments and money management, Opal offers a wide range of financial solutions to help clients meet their diverse needs in the world. changing financial and business environment today. OPAL is licensed as a Major Payments Institution (MPI) by the Monetary Authority of Singapore. For more information, please visit www.opalpayment.com
About finance companies
Finance companies | Modalku is the largest digital SME finance platform in Southeast Asia. It is regulated in Singapore, Indonesia, Thailand and registered in Malaysia. It is backed by Sequoia India and Softbank Ventures Asia Corp among many others and provides financing to small and medium enterprises (SMEs), which is funded by individual and institutional investors. In 6 years, he has helped finance over 4 million business loans with funding of over S $ 2 billion. She received the MAS FinTech Award in 2016, the Global SME Excellence Award at the ITU Telecom World of the United Nations in 2017, KPMG Fintech100 in 2018, Brands for Good in 2019 and in 2020 recognized by IDC as one of the 5 FinTechs at the fastest growing. in Singapore, won the Stevie (R) Award for Innovation in Technology, and named ASEAN Startup of the Year by Global Startup Awards. https://fundingsocieties.com/
Source: OPAL financing companies
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