HPDLendScape, a leading secured lending platform vendor, announced a new supply chain finance (SCF) solution. The new enhanced solution will make it simpler and faster for lenders to onboard and support buyers and suppliers, giving Asian businesses more streamlined access to much needed working capital during the COVID-19 pandemic.
Bringing together buyers, suppliers and banks that fund the process onto one platform, HPDLendScape’s SCF solution helps all parties simplify their operations and mitigate risk more effectively. Suppliers can interact with both buyers and funders in real time and increase visibility of accounts receivables, while buyers can create bespoke processes tailored to each supplier.
As part of the enhanced HPDLendScape SCF solution, new onboarding capabilities enable a fast and efficient KYC process, such as approval hierarchies, and linking out to external APIs for anti-money laundering checks or document signing, much of which lenders historically completed manually which slowed down the onboarding process. By driving efficiencies in due diligence and compliance processes, HPDLendScape helps lenders approve more buyers and suppliers and increase access to capital for businesses that need it across the APAC region.
In the current climate, APAC’s SMEs and growth businesses are finding maximising liquidity to be a challenge. According to S&P, supply-chain exposure in the electronics and autos industries across the region has been particularly high. In China, the pandemic has prompted liquidity injections by the central bank and the reduction of the reserve requirement ratio for banks’ lending to SMEs. In Singapore, The Monetary Authority of Singapore and Enterprise Singapore have also launched a new facility to lend Singapore dollars at 0.1 per cent interest per annum to SMEs.
SCF was traditionally seen as a solution for bigger companies with strong and lengthy credit histories. However greater availability of digital technologies created opportunities to help SMEs access working capital and fueling growth in SCF as a type of finance.
HPDLendScape’s SCF solution is implemented by the company’s dedicated customer support team, which oversees factoring, asset-based finance and SCF services for regional clients including: Bank of China, Standard Chartered and Scot Pac.
Kheng Lee, APAC regional representative for HPDLendScape commented:
“We are delighted to announce this new development in our supply chain finance offer. Banks and other lenders have an excellent opportunity through SCF services to help businesses in Asia optimise supply chains, increase cash flow and streamline their operations – this has never been more critical than during the COVID-19 pandemic where supply chains are under intense pressure. Investment in technology and the automation of SCF processes is vital in helping lenders efficiently provide the finance that the region’s businesses need during this pandemic and beyond.”