Privasia, CapitalBay to provide supply chain financing
KUALA LUMPUR: Privasia Technology Bhd’s subsidiary, Privasia Sdn Bhd, has inked a collaboration agreement with CapitalBay to extend a supply chain financing option to registered suppliers of the group’s ProcureHere platform.
The information technology outsourcing and consulting provider said the collaboration would provide buyers and suppliers a financing option for transactions made via ProcureHere.
ProcureHere is a cloud-based procurement platform that facilitates efficient and seamless processes for procurement, offering users tangible cost savings of up to 50 per cent through access to a wide network of suppliers for various items.
“CapitalBay will extend a shortterm financing arrangement to buyers via linked financial institutions, and provide payment on the buyers’ behalf to the supplier,” said Privasia in a statement yesterday.
Privasia chief executive officer and managing director Puvanesan Subenthiran said the collaboration allowed them to reach a common goal in helping to ease the supply chain process for both buyers and suppliers.
All parties were set to benefit from the collaboration as the digital financing option would now be offered on the ProcureHere platform while buyers would be able to receive goods faster and suppliers would enjoy payment on deliveries, he said.
CapitalBay co-founder Ang Xing Xian said there was a real need among small and medium enterprises to bridge short-term financing requirements, and CapitalBay had been in the forefront of enabling this in recent years.
“The stable and secure payment infrastructure in Malaysia has led to the rising adoption of digital platform functions across various spheres from procuring to financing, and the collaboration with Privasia is a step in the right direction towards realising the digital economy,” he added.