OCBC offers digital invoice financing to SMEs

Over 55,000 SMEs are registered in InvoiceNow.

OCBC is now offering digital invoice financing to small and medium enterprises (SMEs) that issue e-invoices through InvoiceNow and SESAMi.

In a press release, OCBC said that it is offering same-day financing approval to up to 90% of the invoice amount, enabling SMEs to access funds quickly.

To do this, OCBC will make use of transaction data on e-invoices to assess SMEs’ credit quality. This meant that SMEs will no longer need to submit bank statements or financial reports.

Over 55,000 SMEs are registered in InvoiceNow, Singapore’s nationwide e-invoicing network. A quarter of them are further registered with SESAMi, a platform helping the SMEs manage buying and selling processes online.

ALSO READ: OCBC reports record net profit of S$3.59b in H1; H1 dividend at 40 cents

Based on data with customers' consent and anticipated transaction growth, SESAMi estimates that InvoiceNow e-invoices will hit 200,000 and S$3b respectively over the next 12 months. It expects more than half of the e-invoices to come from Government vendors.

In February 2023, it was announced in the Singapore Parliament that InvoiceNow will be the default e-invoice submission channel for all government vendors within the next few years.

Follow the link for more news on

OCBC Bank

Also Read

Higher costs and deteriorating loans slow BRI’s profit growth

PH banks maintained loan standards in Q1

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit