GXS Bank on Monday unveiled its GXS Biz Property-backed Loan, developed in partnership with Funding Societies, offering small and medium-sized enterprises (SMEs) in Singapore access to up to S$2 million ($1.57 million) in financing secured against residential or commercial property.
The partnership brings together GXS Bank’s strong balance sheet and ecosystem reach with Funding Societies’ experience in digital SME financing and structured lending for growing businesses in Singapore, GXS Bank said in a statement.
GXS Bank is part of an ecosystem that includes its shareholders Grab and Singtel.
“SMEs are the backbone of our economy, yet financing for many of them is either not available, not affordable or not adequate to support their growth meaningfully，
“For business owners with a residential or commercial property, they can now turn this illiquid asset into up to S$2 million of liquidity to seize time-sensitive growth opportunities，” said Pei-Si Lai, Group Chief Executive Officer of GXS Bank.
He said this partnership with Funding Societies also reinforces GXS’s commitment as a bank to support the fintechs in its community so that they can continue to scale sustainably.
“With our strong balance sheet as a Bank and extensive ecosystem with Grab and Singtel, we can enhance and extend Funding Societies’ expertise in digital lending to more businesses in Singapore, especially those within our ecosystem,” he added
Kelvin Teo, Co-Founder and Group CEO of Funding Societies, said many SMEs have valuable assets but still need financing that is timely, practical and structured around their business needs.
“This collaboration with GXS Bank brings together GXS Bank’s ecosystem playbook and Funding Societies’ digital financing experience to make property-backed financing more accessible to businesses navigating an increasingly uncertain market,
“By unlocking liquidity tied up in property, SMEs can move more quickly on growth opportunities while managing cashflow with greater confidence,” he added.
The GXS Biz Property-backed Loan will be rolled out progressively.
At launch, the loan will be available to existing GXS Bank and Funding Societies customers, as well as to SMEs within the Grab and Singtel ecosystem.
This includes businesses that use, work or partner with Grab and Singtel.
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