Why fast access to capital matters for SMEs
Small and medium-size enterprises play a major role in Singapore's economy, accounting for 99 per cent of all businesses and employing two-thirds of the workforce. However, many SMEs face challenges in accessing financing and are vulnerable to cash flow disruptions. Digital banks like GXS Bank are taking a different approach to MSME financing, aiming to give eligible MSMEs access to capital in 24 hours through digital workflows and alternative data sources.
- ▪SMEs account for 99 per cent of all businesses in Singapore and employ two-thirds of the workforce.
- ▪Local SMEs have accounted for only about a tenth of total business loans over the past 15 years.
- ▪GXS Bank aims to give eligible MSMEs access to capital in 24 hours through digital workflows and alternative data sources.
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