Hong Kong-based company SMEloan is expected to launch its services in Singapore as early as next month. The firm was hailed as an alternative to traditional banks and finance houses for loans to small- and medium-sized enterprises (SMEs) because it secures the loans against cashflow instead of collateral.
But for its Singapore debut, it will be teaming up with an unnamed major local bank to offer its unique service to local SMEs. Plans are already being finalised to licence SMEloan's proprietary loan application and monitoring system to the Singapore bank.
Its track record so far has been impressive. In over three years of operations, SMEloan has approved hundreds of millions of dollars worth of loans in Hong Kong alone, with a relatively low default rate.
Source: channelnewsasia.com
