SINGAPORE (Nov 15): CIMB Bank Singapore is collaborating e-procurement service provider SESAMi Holding and financing platform Capital Match to bring cost-effective e-supply chain financing solutions to the supplier community.
The supply-chain financing programme will see suppliers on SESAMi’s trading community receive payment immediately on their outstanding invoices on the platform.
Customers of SESAMi currently include Singapore Telecommunications, SATS, and Singapore Airlines, among others.
"SESAMi’s integrated procure-to-pay and supply chain financing allows the suppliers to access lower cost of funds by leveraging on large corporate buyers’ good credit rating,” says Ong Teck Soon, chairman and group CEO of SESAMi, which had in November last year acquired Capital Match.
The process of onboarding onto this supply chain financing programme is simplified, with no need to submit invoices as the e-invoices can be selected for financing via the SESAMi platform.
“Once the account is set up under the e-supply chain financing programme, technology enables working capital funding to be promptly transferred to our customers,” says Lai Ven Li, head of Corporate Banking at CIMB Singapore. “Our objective is to ensure a cost-efficient solution and non-recourse working capital funding option that supports our customers’ growth.”
“Customer experience is one of our primary focus and the collaboration with SESAMi-Capital Match presents another scalable avenue for us as we are constantly striving to digitise our services and offerings to better service our banking clients,” says Victor Lee, deputy CEO of CIMB Singapore.
“This is aligned with the government’s framework for e-invoices and call for companies to keep up with innovation,” adds Lee, who is also CEO of CIMB Group Commercial Banking.
