RootAnt Global adds lending capabilities to Banco’s banking platform
Singapore-based FinTech RootAnt Global announced the introduction of its central credit platform BANCR into the existing BANCO platform, one of the first transactional Neobank platforms in Asia.
In line with BANCO by RootAnt Global’s strategy of connecting companies of all sizes, stakeholders and financial institutions on a single platform for better, faster and more relevant financial services, BANCR aims to provide a digital and open banking platform for small and medium-sized businesses . facilitate access to finance for larger companies (SMEs).
BANCO currently offers an in-depth financing solution that enables companies across the value chain to optimize cash flow and improve business efficiency. With the introduction of BANCR, SMEs can register their financing needs and submit loan applications to multiple lenders at the same time, giving SMEs faster and more efficient access to financing.
“This new platform, BANCR, represents the determination that RootAnt Global has to promote accessibility and collaboration among financial institutions, stakeholders and SMEs of all sizes to optimize cash flow and improve business efficiency. We are very excited to be BANCR to introduce and further improve our platform The integration of BANCR and BANCO together signals our commitment to bring diverse stakeholders together under a unified platform – to ensure a seamless experience for all, “said Lincoln Yin, Founder and CEO of RootAnt Global.
According to the report of SMEs in a New Decade, New Economy – Feb 2020, jointly published by GrabFinance and Bloomberg Media, MSMEs now account for more than 90 percent of operations in the Southeast Asian region, while at the same time contributing to 30 to 53 percent of gross domestic product in between product the member countries. Of more than 600 companies surveyed across the region, 90 percent of those surveyed financed their businesses from their own savings, while only 39 percent said they had taken out a bank loan and 15 percent had secured funding from venture capitalists or investors. This is where the introduction of BANCR in BANCO by RootAnt Global could possibly make a difference by providing SMEs with a platform for efficient access to finance under a single platform.
In addition, RootAnt Global will also introduce a new and exciting logo for BANCO, representing the company’s beginnings in Singapore and its vision of building a digital infrastructure to connect and accelerate financial growth in Asia. Working towards this vision, BANCO-operated platforms will soon be made available through partners in mainland China, Hong Kong, Indonesia, Japan, Vietnam and more.
Ms. Teresa Tah, General Manager, Business Banking, Standard Chartered Bank (Singapore) Limited, said, “Digitization and innovative partnerships have been an important part of Standard Chartered’s strategy to serve our business banking clients. In order to continue to live up to our promise to offer relevant and timely financial services, we are pleased to work with BANCO to provide a larger pool of SME customers with faster and more efficient access to finance. By supporting SMEs that have tremendous potential to make a significant contribution to the development of our economies, we can look forward to promoting inclusive and sustainable growth for the benefit of all. “
“We are pleased to welcome the introduction of the central credit platform BANCR by RootAnt Global. The pandemic has turned the global economy into turmoil and made access to finance even more difficult for SMEs in Singapore. Such platforms serve as a ray of hope for SMEs who now have a unified omnichannel platform to easily cover their financing needs. We have renewed our motivation knowing we have an alternative way to get credit away from the traditional avenues, ” said Kenneth Tan, Director of Stewart Engineering Works.
As part of the launch of BANCR, RootAnt Global recently hosted a webinar with the Singapore Business Federation on how SMEs can better protect themselves in order to be more creditworthy from a lender’s point of view. As a result of COVID-19, SMEs are in a precarious position with limited access to financial assistance as countries closed their borders and placed severe restrictions on the movement of goods and services in order to take measures to ensure social isolation.