Friday, 19 April 2024

Cash-IN-Asia launches first ISO 27001 certified B2B funding platform to boost MSMEs

5 min read

Singapore-based startup Cash-IN-Asia announced the official launch of its business-to-business (B2B) fintech lending platform. The startup is the first of its kind to be ISO 27001 certified, powered by artificial intelligence and data analytics. It provides a one-stop solution for transparent and flexible financing to micro, small and medium enterprises (MSMEs) in Singapore.

A platform for all: Ease of use for a variety of users

Cash-IN-Asia prides itself on speed and simplicity. The platform requires users to make a simple three-minute application and promises an outcome in less than three hours. Successful applicants can request for their approved funds to be disbursed in the next three hours. The time-to-cash process is one of the fastest among Singapore-based lenders today.

Two types of financing are offered: credit line and term loan, which starts as low as $2,103 (SGD 3,000) for a credit line to a maximum of $105,143 (SGD 150,000) for a term loan. Term loan tenures range from six months to three years, with no pre-payment penalties.

Leveraging technology to humanise user experience

Studies reveal that a significant percentage of small businesses in Singapore tend to be self-funded by business owners who may turn to their personal credit cards when difficulties arise. To offer a better alternative, Cash-IN-Asia prices their financing rates lower than those of credit cards. The rates start at 20% for a credit line and 18% for a term loan.

Furthermore, the use of credit cards for financing robs businesses of the opportunity to build their corporate credit history. As a B2B lender, Cash-IN-Asia structures its products to incentivise MSMEs to build a credit history that ultimately rewards good customers with cheaper financing over time. The intention is to put the call to action directly into the hands of MSME business owners.

Cash-IN-Asia’s founder and chief executive officer Eldwin Wong explained, “Our initial rate may be 20%, but the final rate they are charged eventually depends on them. If our clients perform well, confidence rises and trust is built. Our rates then come down, which is one of our unique value propositions for clients.”

Cash-IN-Asia also employs a ‘don’t use, don’t pay’ model for its products. Sign up and application is free, and upon approval, clients are granted a credit facility with no fees or obligations. The treatment of delinquent loans is another example of its ‘humanising’ approach to lending. Troubled clients are given the opportunity to restructure their loans on acceptable terms that will help restore their businesses to health and service their loans.

“We believe in helping small business owners with their cash flow. That way, they get to focus more on their business and their chances of doing well increases. In turn, we will be able to scale up their loans and do more for them. One example of that is an automatic review of all client accounts every two months to raise the credit limits of those in good standing for future growth,” Wong elaborated.

Re-disseminated by The Asian Banker

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