Esker Partners JK Tech to Launch Supply Chain Financing Solution in ASEAN and Greater China
Fintech initiative connects buyers, suppliers and funders on one platform
Singapore — 3rd November, 2017 — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, launches an innovative supply chain financing solution in Asia in partnership with JK Tech. Efficient supply chain financing is increasingly becoming a key factor of competitiveness for modern economies, and therefore, a fundamental driver for growth and development. The use of digital technologies to streamline supply chain financing is therefore an important topic.
NEMO™ is a collaborative initiative between Esker, JK Tech Group and Nufin Data, a subsidiary of JK Tech Group, who will jointly develop and market the supply chain financing solution to SMEs in ASEAN (Association of Southeast Asian Nations) and the Greater China. Powered by Esker, NEMO (New Efficiencies, More Options) is a financing solution developed on Esker’s comprehensive order-to-cash and purchase-to-pay automation solutions to seamlessly connect buyers, suppliers, and funders in small and medium-sized enterprises (SMEs) to engage in one-click financing process automation, speeding up decision making and funding processes.
“We’re very excited about this joint venture and what it means for companies seeking to modernise the whole of their business process,” said Jean-Michel Bérard, CEO at Esker. “Documents are automated and ready for funding, significantly cutting down on the manual consolidation, processing time and costs with NEMO. The strength of JK Tech’s financing network will allow Esker to further grow its presence within the SME market in Asia.”
Senior Minister of State for Ministry of Trade and Industry, Ms Sim Ann was the Guest of Honour at the NEMO launch and signing ceremony held at the St Regis hotel. In her keynote address1, Ms Sim Ann noted that the Committee on the Future Economy had emphasised the need for enterprises to embrace technology and build strong digital capabilities, to improve their operations and enhance their value proposition. Nufin Data will be working closely with SPRING, IE Singapore and IMDA to drive digitalisation and productivity within organisations. Through NEMO, JK Tech Group and Esker aims to provide a comprehensive financial supply chain platform to SMEs.
With automation and electronic workflow capabilities, companies gain greater control over receivables and payables. While the traditional process of getting funding normally takes weeks without automation, NEMO enables businesses to manage their cash flow in days. Funding partners that Nufin Data is working with are notably the banks, in particular United Overseas Bank (UOB), crowdfunding platforms and large enterprise partners.
“UOB is committed to helping companies grow and helping them improve their business efficiency through simple, quick and effective means,” said Mr Choo Kee Siong, Managing Director and Head of Enterprise Banking at UOB. “We work with Fintech partners such as Nufin Data to provide market-leading solutions that meet our clients’ needs. Companies are able to apply for loans such as supply chain financing or invoice financing in just the click of a button. This process will simplify their access to funding which is essential to sustain growth.”
In April 2017, UOB (China) and Nufin Data Pte Ltd also signed a Memorandum of Understanding to introduce NEMO to the medium- to large-sized corporate clients in China.
“NEMO is a revolutionary game changer for Pet Lovers Centre,” said Ng Whye Keong, Group Director and CFO at Pet Lovers Centre, largest pet chain store within Singapore and Malaysia. “Through NEMO, we have been able to merge our data into a single platform to track work flow progress, collect information instantaneously and save large amounts of time.”
Current Singapore enterprise customers using NEMO includes Pet Lovers Centre, Fresh-Mart and Lian Hock Industries, amongst others.
About Jing King Tech Group
Founded in 1984, Jing King Tech Group (“JK Tech”) is a diversified group of investment companies with total nett assets of over 250 million US dollars. The business scope of JK Tech includes manufacturing, real estate development, property investment, funds, trade and more. With 20 offices inclusive of R&D, sales and production across Singapore, China and Hong Kong, JK Tech support customers worldwide by providing business process outsourcing (BPO) services, self-service kiosks and virtual teller machines (VTMs), mobile payment and online payment solutions, and token-based secure transaction solutions, identity authentication solutions through advanced biological recognition technologies as well as delivering a wide range of certified smart cards for payment, communication, transportation, access and identification. JK Tech is one of the Top 10 manufacturers of smart card and credit cards worldwide. www.jingking.com
About Nufin Data
Nufin Data Pte Ltd (“Nufin Data”) is a fast-growing Financial Technology (Fin Tech) company focused on cloud-based, supply chain financing solutions. Started in March 2017 to tap on the huge potential of the Supply Chain Financing market in Asia and worldwide, Nufin Data is majority owned by Singapore-based JK Tech Group. Nufin Data is currently headquartered in Singapore with offices in Hong Kong, Guangzhou and Shanghai (opening Q4 2017). www.nufindata.com
Esker is a worldwide leader in cloud-based document process automation software. Esker solutions, including the acquisition of the TermSync accounts receivable solution in 2015, help organizations of all sizes to improve efficiencies, accuracy, visibility and costs associated with business processes. Esker provides on-demand and on-premises software to automate accounts payable, order processing, accounts receivable, purchasing and more. Founded in 1985, Esker operates in North America, Latin America, Europe and Asia Pacific with global headquarters in Lyon, France and U.S. headquarters in Madison, Wisconsin. In 2016, Esker generated 66 million euros in total sales revenue. For more information on Esker and its solutions, visit www.esker.com/sg. Follow Esker on LinkedIn – Esker Asia and join the conversation on the Esker blog at blog.esker.com.
For more information, please contact:
Thomas Wee, CEO at Nufin Data
Tel: +65 6775 2555
Albert Leong, Managing Director at Esker
Tel: +65 6735 6882
Speech by Ms Sim Ann, Senior Minister of State, Ministry of Culture, Community and Youth & Ministry of Trade and Industry at the Launch and Signing Ceremony of NEMO by Nufin Data on Thursday, 26 October 2017, 10.30 AM, at the St Regis Singapore