, Singapore
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Photo from OCBC official website.

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.  

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