Financial institutions and fintechs are still busy introducing ways for SMEs in Asia to cope with the Covid-19 crisis.
One of the latest is from digital finance platform vendor HPDLendScape which says it has enhanced its supply chain finance offer to simplify access for Asian SMEs.
It has launched a new supply chain finance (SCF) solution which will make it simpler and faster for lenders to onboard, and support buyers and suppliers. The aim is to give Asian businesses more streamlined access to much needed working capital during the pandemic.
HPDLendScape told nextmoney.org that in the current climate, APAC’s SMEs and growth businesses are finding maximising liquidity to be a challenge. And supply-chain exposure in the electronics and autos industries across the region has been particularly high. In China, the pandemic has prompted liquidity injections by the central bank and the reduction of the reserve requirement ratio for banks’ lending to SMEs. In Singapore, The Monetary Authority of Singapore and Enterprise Singapore have also launched a new facility to lend Singapore dollars at 0.1% interest per annum to SMEs.
Kheng Lee, APAC regional representative for HPDLendScape, said: “We are delighted to announce this new development in our supply chain finance offer. Banks and other lenders have an excellent opportunity through SCF services to help businesses in Asia optimise supply chains, increase cash flow and streamline their operations – this has never been more critical than during the COVID-19 pandemic where supply chains are under intense pressure. Investment in technology and the automation of SCF processes is vital in helping lenders efficiently provide the finance that the region’s businesses need during this pandemic and beyond.”