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.