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Nufin Data brings faster, easier financing to SMEs in South-east Asia
Are you running a business that needs to overcome cash flow challenges but find it difficult to access financing options offered by banks?
Nufin Data, a Singapore-based fintech trade financing firm founded by Adera Global, is officially launching NEMO, a cloud-based financing platform that offers fast financing to small and medium-sized enterprises (SMEs) in Singapore, Malaysia and Indonesia, backed by trade-related data, and trade relationships.
NEMO (which stands for New Efficiencies, More Options) makes it possible for companies to use their current trade to finance their future trade, says Ms Denise Ang, managing director of Nufin Data.
"Traditionally, it's a lot of hassle and time taken for an SME to submit its documents to get financing. NEMO makes it easy for businesses to digitise and submit their documents on the platform, giving them access to fast cash flow," explains Ms Ang.
Using tech to enable a supplier financing ecosystem
NEMO's supply chain financing platform connects buyers and suppliers, leveraging strong buyers with good credit to enable their suppliers access to lower cost financing. This is offered by Nufin Data’s own proprietary fund and partner funders.
"Increasingly, longer customer payment terms are creating a cash flow crunch for many SMEs. With NEMO, the SMEs can now easily upload their trade documents onto the platform and access financing quickly," says Ms Ang.
Customers that benefit from the NEMO platform range from F&B to trading to construction firms. Nufin Data is currently working with Soilbuild, a leading integrated property group based in Singapore, to explore trade-backed financing for its suppliers on NEMO.
Large buyers can play a key role in supporting their ecosystem. With good credit standing, their credit line can be leveraged to extend early payment programme to their suppliers and earn a return. Nufin Data plans to work with verticals with long cash flow gaps, such as fast-moving consumer goods (FMCG), wholesale trade and the healthcare industry.
Going the extra mile
Nufin Data believes in understanding the customers' business to work out the best financing solution for them.
"We seek to understand their trade flow and cash flow pains, and instead of relying solely on historical financial statements, we look into alternative ways of risk mitigation through data, visibility and control," says Ms Ang.
"For example, a F&B company that owns multiple stalls across Singapore is now using NEMO to get faster cash flow. They no longer have to wait for the foodcourt to pay them a month later. Instead, through the visibility of POS data on the platform, they get paid earlier, which enables them to get more supplies, and in turn helps them sell more food," she adds.
Besides offering financing options, NEMO also enables SMEs to digitise their processes with these value-added tools:
- Receive digital invoices from suppliers to reduce the hassle of handling stacks of paper; and
- E-invoicing the PEPPOL way, in line with the Government's digital initiative (collaborating with a local partner).
Upcoming digital features in NEMO include a tool to strategise and speed up collections, and visibility to plan and manage operating cash flow.
For Nufin Data's future plans, Ms Ang says: "We believe that leveraging trade data and relationships to fund one's trade and working capital is the most optimal way both from a risk and cost perspective. We hope that through technology, we can scale up such alternative ways of financing for SMEs to enable growth.”
Launch of NEMO
Come and experience NEMO first hand and listen to the experts from Nufin Data at NEMO's launch week that is happening from April 22 to 26, 2019.
For the launch, Nufin Data is collaborating with several associations including the Singapore Business Federation, Singapore Chinese Chamber of Commerce & Industry and Singapore Contractors Association.
For companies that sign up for NEMO before July 31, 2019, Nufin Data is offering a six-month fee waiver and savings of up to S$1,000/RM3,000 off their first invoice financed through the platform.
Find out more and register to attend these events here.
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Established in 2017, Nufin Data is a Singapore-based fintech trade financing firm founded by Adera Global, formerly known as JK Tech Group — a leader in artificial intelligence, automation, digitalisation, secured data handling, data analytics and smart technologies in Asia. Nufin Data is headquartered in Singapore and has offices in Malaysia, Indonesia and Greater China. Its regional presence is also expected to expand to the Philippines, Thailand and Vietnam in the near future.