New FinTech solution launched by InstaReM for Singapore’s SMEs

Source: IBS Intelligence 2020-06-17

Singapore-based Nium’s InstaReM, announced today the launch of BizPay, which is a new FinTech service that helps Singaporean SMEs maximise their cash flow. BizPay utilises credit limits in corporate cards and converts them into working capital to help businesses make payments, including commercial rent or utilities or other supplier payments. Businesses continue to enjoy commercial benefits that may be available on their corporate credit cards, such as membership rewards or cash rebates.

The FinTech solution – BizPay, by InstaReM, helps SMBs gain cashflows without the need to go for a bank application. It is an online platform which enables businesses to use their corporate cards as a funding source for supplier payments. Leveraging the existing remittance platform of InstaReM, businesses would only need to type the name of the beneficiary, the amount and currency of payment and charge the whole payment to their corporate card for funding. There is no need for the beneficiary to be directly card-accepting or to be onboarded as part of the payment process. Businesses now gain full control of costs by eliminating fees and charges associated with other credit solution options.

FinTech solutions propagate the availability of credit especially for the SMEs who generally face issues to access loans. This is because banks and financial institutions see the absence of a stable and profitable portfolio as a drawback.

“In these unprecedented times that call for frugality like never before, the opportunity to maximise cash flow using resources that are already available is invaluable. Most companies in Singapore have an existing corporate credit card system that is used only for travel and expenses. With lockdowns bringing travel and business entertainment to a standstill, BizPay gives businesses a chance to utilise their credit lines optimally, while also creating a differentiated value for banks and financial institutions looking to generate usage of their corporate credit cards,” said Sanjiv Razdan, Global Head of Commercial Payments, Nium.

“This solution is unique because it does not require the beneficiary or the supplier to be directly card accepting. It removes the need for any supplier to be onboarded as part of the payment process. Once a business includes their corporate credit card as a payment source on BizPay platform, payments can be made to any corporate entity as beneficiary in multiple currencies at very affordable and competitive pricing.”

New FinTech solution launched by InstaReM for Singapore’s SMEs

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