Lending Payments

NETS Supports Local Banks Looking to Pilot Loan Solutions for SMEs

Network for Electronic Transfers (NETS), Singapore’s leading payment services group, announced that it will be supporting local banks to pilot loan solutions targeting small and mid-size enterprises (SMEs) looking to expand their business or address any unplanned cash flow needs.

Payment-related data for participating SME merchants is available from NETS to local banks, allowing the loan application to be more efficient and timely.

Approval time can also be shortened whilst allowing banks to have more insight to offer relevant financing solutions to NETS’ SME merchants.

The financing solution aims to provide flexible repayment plans and quick approvals to support these small business owners.

During the pilot phase, the data and feedback gathered from participating merchants will be used to gauge the market response as well as to refine the product.

When officially launched, NETS will work on enabling hassle-free payments with participating banks, whereby a part of the SME merchants’ daily takings will be used to pay for the loan installments via NETS’ point-of-sales (POS) terminals.

Merchants can find out more about this financing solution through participating banks.

Lawrence Chan

Lawrence Chan, Group CEO of NETS said,

“NETS is proud to support the local banks to offer this value-add service to our merchants. We have the privilege of having a relevant and significant share of most merchants’ digital payments.

This allows NETS to provide insights to help identify merchant needs and potentially speed up the underwriting process. We are constantly looking at how we can provide merchants with solutions and tools to adapt and thrive in today’s business climate.”