MIDDLETON, Wis. — November 2, 2017
Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today launches an innovative supply chain financing solution in Asia in partnership with Jing King Tech Group (JK Tech), a Fintech company whose business includes payment solutions, transaction security and services for the banking sector. Announced in Singapore in the presence of Singapore’s Senior Minister of State, the joint venture will connect Esker’s e-invoicing platform to a group of banking partners including UOB, Singapore’s second largest bank.
Efficient supply chain financing is increasingly becoming a key factor of competitiveness for modern economies, and therefore, a fundamental driver for growth and development. This is particularly true in Southeast Asia and China where economic growth is particularly dynamic and future competitiveness can no longer exclusively be based on lower costs. The use of digital technologies to streamline supply chain financing is therefore an important topic not only for companies of all sizes but also for governments in the region.
To meet these challenges, Esker has aligned with its existing partner JK Tech on a Fintech initiative. The two companies will market NEMO™, a 100 percent cloud-based supply chain finance solution that connects Esker’s comprehensive order-to-cash and purchase-to-pay automation solutions to a group of banking and funding partners in China and Southeast Asia. The growing list of partners will include banking institutions and alternative financing platforms. NEMO has received support from the Singapore government which is deeply involved in helping organization embrace digital technologies to enhance productivity and competitiveness.
Thanks to NEMO, companies will be able to finance their accounts receivable, and better control cash flow with their suppliers, while giving them access to a flexible and secure source of financing (reverse factoring principle). These processes, today cumbersome and expensive to implement, will be automated and carried out online through NEMO. Using NEMO, the supplier of a company will, for example, be able to request the advance payment of one or more of its invoices within the portal.
Illustration Photo: Containers ship at the Port of Singapore (credits: bianca polak / Flickr Creative Commons Attribution-NonCommercial 2.0 Generic (CC BY-NC 2.0))