Validus and Siemens partner to enable credit access for distributors in Singapore
Singapore, 27 April 2021 – In supporting the working capital needs of local businesses, SME financing platform Validus and Siemens announced a Channel Partner Financing Program for Siemens Digital Industries’ ecosystem of distributors in Singapore.
The program is aimed at providing Siemens’ Channel Partners ready access to financing for their purchases in a convenient and timely manner, allowing distributors to address short-term cash flow needs and to capitalise on growth opportunities easily.
According to an annual survey by Singapore Business Federation (SBF), almost two-thirds of businesses in Singapore were negatively impacted by the Covid-19 pandemic with revenue plunging by 31 per cent on average.
“Siemens Digital Industries is committed to exploring new possibilities to further support our community of Channel Partners, particularly in these difficult economic times where many are looking for ways to sustain and grow their business. Our collaborative partnership with Validus enables credit access in a convenient manner that empowers their business,” Raimund Klein, Executive Vice President of Siemens Digital Industries, ASEAN.
Under Validus’ Channel Partner Financing program, distributors can access up to S$500,000 at low rates on a flexible pay-per-use arrangement, without the need to pledge any assets, thereby removing the traditional barriers to obtaining financing. This program can also supplement existing relationship banking arrangements.
“By leveraging our proven Fintech lending platform and making use of digital data, we are able to optimise cash flow for both the manufacturer and the distributor. We look forward to building on our partnership with Siemens Digital Industries to help accelerate financing access in this segment,” said Anand Periwal, Chief Commercial Officer of Validus.
Validus was recently named Winner of MAS Fintech Awards 2020 – Singapore Financial Institution. To date, Validus has disbursed over S$840 million in SME loans and have helped boost lending in key supply chains since its founding in 2015. In a 2019 study, SMEs supported by Validus in Singapore saw a 17% increase in revenue on average, and supported more than 10,000 jobs.
About Siemens Digital Industries
Siemens Digital Industries (DI) is an innovation leader in automation and digitalization. Closely collaborating with partners and customers, DI drives the digital transformation in the process and discrete industries. With its Digital Enterprise portfolio, DI provides companies of all sizes with an end-to-end set of products, solutions and services to integrate and digitalize the entire value chain. Optimized for the specific needs of each industry, DI’s unique portfolio supports customers to achieve greater productivity and flexibility. DI is constantly adding innovations to its portfolio to integrate cutting-edge future technologies. Siemens Digital Industries has its global headquarters in Nuremberg, Germany, and has around 76,000 employees internationally.
Founded in 2015 to address the unmet financing needs of SMEs, Validus is today the largest SME lending marketplace in Singapore with a strong presence across Indonesia, Vietnam and Thailand. An award-winning Fintech, Validus uses Data Analytics and AI to drive growth financing to the underserved SME sector via funds from both individual and institutional investors. In 2020, Validus gained approval to provide government-assisted SME loans as part of the Enterprise Financing Scheme in Singapore. Validus holds a Capital Markets Services Licence by the Monetary Authority of Singapore (MAS), and has also received regulatory approval in Indonesia and Thailand. For more information, please visit www.validus.sg