Singapore-based fintech RootAnt Global has added lending capabilities to existing transaction neobank platform Banco.
The move involved the introduction of its central lending platform called BANCR.
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The addition is expected to facilitate credit access to small and medium-sized enterprises (SMEs). The merchants can now register their loan requirements and submit applications to multiple lenders.
Currently, Banco provides deep-tier financing solution to enable enterprises to manage their supply chain and optimise cash flow.
RootAnt Global founder and CEO Lincoln Yin said: “This new platform, BANCR, represents the determination that RootAnt Global has to drive accessibility and collaboration between financial institutions, stakeholders and SMEs of all sizes to optimise cash flow and improve business efficiency.
“We are thrilled to introduce BANCR into our platform, further elevating our suite of product offerings. The integration of BANCR and Banco together signals our commitment towards bringing different stakeholders under a unified platform – ensuring a seamless experience for all.”
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By GlobalDataStandard Chartered Bank (Singapore) Business Banking general banking Teresa Tah said: “To continue delivering on our promise to offer relevant and timely financial services, we are delighted to collaborate with Banco to enable quicker and more efficient financing access for a bigger pool of SME customers.
“By supporting SMEs, which have vast potential to contribute meaningfully to the development of our economies, we can look forward to fostering inclusive and sustainable growth for the benefit of all.”
