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AmBank announced that it has 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 digitalisation in SCF that will positively impact the supply chain management process.
With SCF going digital, AmBank can now expand its market to include micro, small and medium sized enterprises along the supply chains to improve their trade activities and cash flow.
This also eliminates the cumbersome physical submission of financing requests and supporting documentations.
The SCF platform consolidates data produced by the flows of goods and money throughout the supply chain, thereby providing transparency to build trust and facilitate decision-making among buyers and suppliers as trade data and supporting documents are digitised and uploaded to the shared platform.
This offers customers and their buyers or suppliers more efficient, secure, and cost-effective business operations and cash flow management.
Raja Teh Maimunah Raja Abdul Aziz, Managing Director, Wholesale Banking, AmBank Group said,
“This partnership comes in line with the group’s effort in embracing our digital transformation journey. We believe it brings together financial technology and service innovation for SMEs to thrive, especially in the current economic landscape.
We hope this initiative can help businesses improve efficiency, by providing a seamless and secure cash flow management solution for our customers.”
Ang Xing Xian, CEO of CapBay said,
“We are pleased to collaborate with AmBank to drive their initiatives to digitalise their Supply Chain Finance management.
This will certainly enable their SME customers, along with their buyers and suppliers, to be better served and gain access to cash faster and easier.”
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