Privasia, Capitalbays 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 the Group’s ProcureHere platform registered suppliers.

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,” Privasia said in a statement yesterday.

Privasia chief executive officer/ managing director Puvanesan Subenthiran said the collaboration allows them to reach a common goal in helping to ease the supply chain process for both buyers and suppliers.

All parties stand to benefit from this collaboration as the digital financing option will 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 is a real need amongst small and medium enterprises to bridge short-term financing requirements, and CapitalBay has been in the forefront of enabling this in recent years. — Bernama