CIMB Bank Singapore branch on Thursday announced a collaboration with SESAMi Holding to finance digital invoices under an automated workflow.
Suppliers on SESAMi Holding’s platform will be paid immediately on their outstanding invoices within two business days, as soon as they are on-boarded on to the supply-chain financing program, CIMB Bank and SESAMi Holdings said in a joint statement. SESAMi Holding is an e-procurement platform in Singapore serving the supply chain needs for customers like Singtel, SATS, SIA, and SRC.
Capital Match, which was acquired by SESAMi Holding, is the re-financing arm leading this initiative. Customer experience is one of our primary focus and the collaboration with SESAMi-Capital Match presents another scalable avenue for us. This is aligned with the government’s framework for e-invoices and call for companies to keep up with innovation, said Victor Lee, CEO of CIMB Group Commercial Banking in a media statement on Thursday.
Capital Match will be reaching out to the supplier community to initiate this program. «The funding process will be extremely sped up through leveraging on our Early Payment System (EPS) which was launched earlier this year for the SESAMi supplier community. With the supply-chain financing, suppliers only need to submit minimal documents to be on-boarded under the program,” said Sharath Singh, commercial director of Capital Match.
Our objective is to ensure a cost-efficient solution and non-recourse working capital funding option that supports our customers’ growth, said Lai Ven Li, head of corporate banking at CIMB Singapore.