Mr. Anuwat Luengtawekul EVP, Chief Retail & Small Business Banking at Thanachart Bank, said, “It is our strategic direction to enhance our digital technology capability to deliver a better customer experience. The new Value Chain Financing Program will digitalize the traditional supply chain process and revolutionize SME access to finance.”
SMEs can experience challenges trying to find finance fast enough to maintain good working capital and ensure continued growth. The partnership with Beehive Asia, part of the global Beehive fintech group, will offer enhanced digital financial solutions to SMEs looking to improve liquidity through Invoice Finance. Beehive, a fintech pioneer, has considerable experience developing digital finance products for SMEs.
“We look forward to co-operating with Sponsors (large and medium corporates) who have creditworthy SME suppliers that can access loans through the Value Chain Financing Program. This product is unsecured lending, low interest, maximum 90% of invoice value and has no-front end fee. It is also available for businesses that are not currently Tbank customers.
“This is an exciting opportunity to combine synergies. Uniting Thanachart brand awareness with Beehive’s innovative fintech capabilities, the Value Chain Financing Program will bring greater efficiency and value to customers and put Tbank at the forefront of Thailand’s 4.0 digital economy,” Mr. Anuwat Luengtawekul added.
Mr. Justin Wright, Beehive’s Head of Asia, said:
“The Value Chain Financing Program offers significant potential for Tbank to strengthen their SME product portfolio. We look forward to a strong collaboration with a view to further expansion of the partnership in the future.”
Craig Moore, Beehive Founder and CEO, added:
“This partnership marks an exciting step in our Asian expansion plans and is a great example of banking and fintech collaboration.”
Thanachart Bank Public Company Limited (TBANK) is Thailand’s sixth-largest bank by assets size and the country’s leading automobile lender. With more than 500 branches nationwide, Thanachart Bank offers a full range of financial services to over 4 million customers including Retail, Hire Purchase, Corporate and SME banking, Insurance, Life Assurance, Securities Brokerage and Fund Management. As of Mar 31, 2017, Thanachart Bank’s total assets exceeded 1 trillion baht.
Beehive Asia, part of the global Beehive fintech group, is a digital platform providing smarter finance solutions to businesses, financial institutions and investors. Combining financial market experience with technology innovation, we accelerate efficiency and functionality to deliver new financial solutions to market.
Source: Company Press Release
