Supply Chain Financing Company CapitalBay Partners with ProcureHere for SME Financing
Supply chain finance fintech company, CapitalBay, has announced a major strategic collaboration with Privasia’s e-procurement platform, ProcureHere, marking a significant milestone in SME financing. Through this collaboration, registered suppliers on ProcureHere will gain access to digital financing for transactions made via the platform. This means that suppliers can receive earlier payments for their invoices, while buyers have the option to pay later, effectively enhancing cash flow management for SMEs in Malaysia.
ProcureHere is a cloud-based procurement platform that facilitates efficient and seamless procurement processes. Since its inception, the ProcureHere platform has enabled over RM5 billion worth of corporate purchases. Privasia boasts a portfolio of over 50 clients, including government agencies and notable blue-chip corporations like Westports, Malaysia Airports Holdings Berhad, DRB-Hicom Berhad, and Universiti Sabah Malaysia.
With this collaboration, ProcureHere’s users can bridge their cash flow gaps using CapitalBay’s services. Buyers who place orders with suppliers via ProcureHere can apply for supply chain financing from CapitalBay. Unlike traditional methods that assess creditworthiness based solely on collateral, CapitalBay’s credit risk-scoring engine, powered by machine learning technology, also considers data from ProcureHere, including trade history, relationships, and performance—truly a game changer for business financing in Malaysia.
“We are pleased to be launching this collaboration with Privasia – a company that shares much of our DNA in finding new ways to help Malaysian businesses accelerate their growth. The new partnership is a key part of CapitalBay’s ambition to broaden its reach across Malaysia and provide meritocratic SME financing in Malaysia to businesses of all sizes,” said Ang Xing Xian, Chief Executive and Co-founder of CapitalBay.
On the other hand, Puvanesan Subenthiran, Chief Executive and Managing Director of Privasia comments that, “This collaboration allows us to reach a common goal in helping to ease the supply chain process for both the buyers and suppliers. All parties stand to benefit from this collaboration as the digital financing option will now be offered on the ProcureHere platform. On one hand, buyers would be able to receive goods faster, while suppliers enjoy early payment on deliveries. Both parties would also benefit from the improved cash flow through this option
