The platform arose from an MOU signed in June 2020 under the Singapore-China (Shenzhen) Smart City Initiative, which aims to improve access to market opportunities in the Greater Bay Area and Southeast Asia via digital connectivity.
OneConnect, the financial technology arm of Shenzhen-based Ping An, and Singapore's Infocomm Media Development Authority have announced the launch of OneSME – a platform that allows Singapore SMEs to connect to a buyer base of 4 million Chinese SMEs.
The platform aims to address the needs of SMEs to expand their business overseas and leverage growth opportunities in the digital economy by removing cross-border trading concerns and integrating a marketplace with financing and resources on digitalization and marketing.
It counts partners like UOB, Bizmann System, Eezee.sg, GeTS (Global eTrade Services), Intellectual Property Office of Singapore (IPOS), IPOS International, Singapore Chinese Chamber of Commerce & Industry, and OneConnect YiQiYe, according to an announcement on Monday.
Direct Financing
Financial services partner UOB will provide merchants with a range of banking and digital solutions through the OneSME platform, to address their collections and payments, trade financing, foreign exchange and working capital needs.
UOB will incorporate alternative data in its credit underwriting process to more accurately review a business' needs and reduce the time taken to review loan applications. This will make it easier for SMEs to access the funds needed for them to seize business opportunities in China, the announcement said.
«For many enterprises, especially small businesses, expanding into an overseas market can be a costly and complex endeavour,» Lawrence Loh, UOB head of group business banking, said about the bank's participation in the initiative.
