GXS’ acquisition of Validus’ Singapore business a sign of market validation
Singapore SME fintech lenders face constraints, including having to rely on international banks to fund loans on their platforms
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[SINGAPORE] GXS Bank’s recent acquisition of small and medium enterprise (SME) lender Validus’ Singapore business is a sign of market consolidation and validation in South-east Asia.
To recap, the deal, announced on Apr 14 for an undisclosed amount, expands the digital bank’s SME offerings to include Validus’ trade financing and working capital loan expertise and customer base in Singapore.
Competitor Funding Societies sees Validus’ acquisition as a positive, with market consolidation having reduced the pie to a few notable players. This is also a sign of market validation as well, said Kelvin Teo, co-founder and CEO of Funding Societies.
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