Beehive, a digital platform providing finance solutions to businesses, financial institutions and investors is partnering with Thailand’s Thanachart Bank to launch a digital supply chain that provides improved liquidity for SMEs in Asia.
“It is our strategic direction to enhance our digital technology capability to deliver a better customer experience. The new Value Chain Financing Program will digitalize the traditional supply chain process and revolutionize SME access to finance,” says Anuwat Luengtawekul EVP, Chief Retail & Small Business Banking at Thanachart Bank.
SMEs can experience challenges trying to find finance fast enough to maintain good working capital and ensure continued growth. The partnership with Beehive Asia, part of the global Beehive fintech group, will offer enhanced digital financial solutions to SMEs looking to improve liquidity through Invoice Finance. Beehive, a fintech pioneer, has considerable experience developing digital finance products for SMEs.
“We look forward to co-operating with sponsors (large and medium corporates) who have creditworthy SME suppliers that can access loans through the Value Chain Financing Program. This product is unsecured lending, low interest, maximum 90% of invoice value and has no-front end fee. It is also available for businesses that are not currently Tbank customers. This is an exciting opportunity to combine synergies. Uniting Thanachart brand awareness with Beehive’s innovative fintech capabilities, the Value Chain Financing Program will bring greater efficiency and value to customers and put Tbank at the forefront of Thailand’s 4.0 digital economy,” Luengtawekul adds.
According to Justin Wright, Beehive’s Head of Asia, “The Value Chain Financing Program offers significant potential for Tbank to strengthen their SME product portfolio. We look forward to a strong collaboration with a view to further expansion of the partnership in the future.”
“This partnership marks an exciting step in our Asian expansion plans and is a great example of banking and fintech collaboration,” sums up Craig Moore, Beehive Founder and CEO.
