AmBank announced that it has partnered with Bay Supply Chain Technology, a member of the CapBay group of companies and a fintech company offering a digital supply chain finance (SCF) platform.
The partnership aims to enable integrated digitization in SCF that will have a positive impact on the supply chain management process.
With SCF going digital, AmBank can now expand its market to include micro, small and medium enterprises along supply chains to improve their business operations and cash flow.
It also eliminates the cumbersome physical submission of funding applications and supporting documents.
The SCF platform consolidates the data produced by the flow of goods and money throughout the supply chain, providing transparency to build trust and facilitate decision-making between buyers and suppliers, as trade data and supporting documents are scanned and uploaded to the shared platform.
This provides customers and their buyers or suppliers with more efficient, secure and profitable business operations and cash flow management.
Raja Teh Maimunah Raja Abdul Aziz, Managing Director, Wholesale Banking, AmBank Group, said:
“This partnership is part of the group’s efforts to embrace our digital transformation journey. We believe it combines financial technology and service innovation for SMEs to thrive, especially in today’s economic landscape.
We hope this initiative can help companies improve their efficiency, providing a seamless and secure cash flow management solution to our customers. »
Ang Xing Xian, CEO of CapBay, said:
“We are delighted to collaborate with AmBank to pilot their initiatives to digitize their Supply Chain Finance management.
This will certainly allow their SME customers, as well as their buyers and suppliers, to be better served and to have access to liquidity more quickly and easily.
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