Under the pilot, payment-related data for participating SME merchants is available from NETS to local banks, which will allow loan applications to be conducted in a more efficient manner.
Network for Electronic Transfers (NETS) has, on March 31, announced that they will be supporting Singapore banks to pilot loan solutions in a bid to help small- and medium-sized enterprise (SME) merchants looking to expand their business or address any unplanned cash flow needs.
The solutions aim to provide flexible repayment plans and quick loan application approvals to support these small business owners.
