At the 3rd Singapore-Shanghai Financial Forum (SSFF) in Singapore today, UOB (China) signed a Memoranda of Understanding (MOUs) with Nufin Data Pte Ltd. The MOU is aimed at helping medium- to large-sized companies tap Fintech solutions for greater efficiency. UOB (China) will support Nufin Data’s entry into the China market by helping the company introduce NemoTM, a cloud-based supply chain financing solution, to the Bank’s medium- to large-sized corporate clients. Through Nemo, companies can digitise and automate their accounts payable and receivable processes, reducing the time they take from weeks to only a few days. This will enable them to manage accounts reconciliation with their vendors and distributors more efficiently.
This MOU is also part of the collaboration between UOB Group and JK Tech Group that will improve the application process for supply chain financing. As clients’ NEMOTM accounts will be connected to their UOB account, they and their suppliers will be able to apply for financing with a click of a button. Mr Foo said, “Funding is critical to our clients’ business growth and development but is often slowed down due to tedious administrative and manual processes within their business. By helping our clients to use technology to manage their business accounts more effectively, we are also making supply chain financing more accessible to them.”
The objective was to understand the challenges Asian enterprises are facing, and the strategies and plans they have to fuel their next stage of growth. Mr Thomas Wee Soon Thong, CEO of Nufin Data, said, “To many companies, applying for supply chain financing is a lengthy process due to the use of manual accounts. Through our collaboration with UOB Group, we hope to reach out to more companies in China and Southeast Asia to help them become more productive with the adoption of digitised workflow processes.”
Read press release from UOB (link to http://www.uobgroup.com/assets/pdfs/new-release/nr-cross-border-opportunities-between-singapore-china.pdf)
Read media release from MAS (link to http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/3rd-Singapore-Shanghai-Financial-Forum-takes-financial-collaboration-to-new-heights.aspx)