MANILA, Philippines, 19 May 2021 – #dltledgers, an independent blockchain platform for trade and supply chain digitisation, announced today the launch of SmartFin, a platform for Micro Small and Medium Enterprises (MSMEs) to access trade financing from alternative financiers. In support of this launch, the company has also entered into partnerships with leading alternative lenders, with a digital lending model, in the region.
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Farooq Siddiqi, Chief Executive Officer of #dltledgers said, “Our core focus continues to help our clients digitize, which enables them to benefit from increased efficiency and productivity in their end-to-end processes. At a time when our MSME clients need financing, we were in a position to respond to their needs and build an ecosystem with the top alternate financiers with a digital model, and aligned with our own vision of helping our clients digitize. At a time when our MSME clients need financing, we were in a position to respond to their needs and build an ecosystem with the top alternate financiers. We feel confident that both the borrowers and lenders will see the benefit of increased digitization in the financing process, with lower financing costs for the borrowers and increased transparency for the lenders. This is a positive development for more than 400 MSMEs on our SmartFin platform.”
“We’re excited to align ourselves with industry-leading financial institutions like TradeFlow Capital Management, Drip Capital, Funding Societies, Crowd-Genie, Stenn International, Capital Match and others for financing needed by MSMEs, as well as looking to welcome additional finance providers and MSMEs to the platform” explained Farooq Siddiqi.
MSMEs are the economic backbone of Southeast Asia. In Singapore, they employ 72 percent of the workforce and contribute to 44 percent of the nominal value. MSMEs have largely borne the brunt of economic contractions in the wake of Covid-19, facing unprecedented business challenges. A 2019 Asia Development Bank (ADB) report estimated that 45 percent of trade finance applications from MSMEs are rejected, contributing to a global trade finance gap of US$1.5 trillion.
Sumit Jain, Executive Director of Valency International said, “#dltledgers has greatly simplified the process of applying for working capital and trade financing through their SmartFin platform. We appreciate the value that the platform brings to businesses like ours by matching our needs to the alternative financiers offerings.”
Interested financiers and MSMEs can find more information at https://dlt.sg/access-finance-now/