Finaxar enhances tech competencies to help SMEs digitise their finance

Singapore financial Institution embeds digitisation into the business DNA to drive both innovation and growth.

business continuity, case studies, case study, digital transformation

Image courtesy of Finaxar

Ushering in a new era of innovation, it is no secret that organisations must embrace a digital-first mindset to thrive in new business environments fraught with unprecedented challenges. Yet, due to the lack of robust digital adoption, leaders face a structural gridlock bound by accelerated industry transformations.

However, for financial institution, Finaxar, this is not the case.

The Singapore headquartered business sought to navigate the uncertainty of the pandemic by boosting its digital capabilities, while remaining cognisant of the changing market and customer expectations.

With the growing customer demands for quicker, hassle-free and contactless business transactions, there was a need to implement robust digital systems and harness capabilities to support these experiences.

Finaxar was able to scale its business and empower its workforce of the future by adopting IT strategically and integrating technologies from external vendors.

“COVID-19 helped us refine our focus on what matter most: Digitising SME finance. With the accelerated proliferation of B2B e-commerce, we recognised the need for SMEs to have digital payment capabilities and access to working capital,” said Finaxar’s Group CEO, Tan Sian Wee.

Finaxar’s transformation began with developing a clear innovation strategy that meets business-growth targets and strategic objectives. “It is important that teams first identify the gap between actual and aspirational performance. For Finaxar, it was the lack of flexibility, ease and speed that was holding back its scalability,” said Tan.

Describing the challenges faced, he said that there was great pressure to better align the business transformation from its conventional lending processes to a complete SME digital payment and cash management solution. This included the need to simplify approvals from clients and internal staff for faster sales and support throughout. As such, this presented a great opportunity for the organisation to enable full automation of on-the-ground processes to expedite contracts and grow the business.

Finaxar launched Flex, a solution that helped smaller companies to manage payments and access capital on demand. “We made a conscious decision to extend our value proposition to support SMEs with their cash flow management needs with Flex Visa Cards. This required us to set up new processes, and we were able to leverage partners like DocuSign to support our new business requirements. This created a faster payment gateway that is credible and transparent, unlocking faster growth value for SMEs,” said Tan.

Embracing business agility

Through the investment of unique technological features such as e-signature and cloud-based agreements integrated into Flex’s app, its employees were able to seamlessly manage day-to day stakeholders.

More time was saved with the automation of templates and real-time accessibility of forms where data was input directly from their CRM systems. Through the strategic incorporation of agile and lean practices, Finaxar was able to scale its business rapidly and empower its digital workforce of the future.

As a result of going completely digital, Finaxar was also able to fully automate the process of customer registration to onboarding. With the help of DocuSign, it was also able to seal business deals faster, improving business productivity and exceeding its launch sales target by 50% respectively.

Finaxar’s SME clients were able to expedite contracts faster which unlocked quick access to working capital which allowed customers to procure their supplies today and pay 35 days later. This has translated to a seamless, trusted and user-friendly experience for both customers and employees.

Building enterprise-wide resilience

With hybrid working here to stay, the blended model has meant that businesses have had to adapt at a fast speed to stay afloat. A robust digitisation strategy has since become top priority for many leaders who realise they must evolve to maintain competitive advantage.

“Digital is an enterprise-wide change programme and we were not able to execute this without our trusted vendors for their agreement cloud solutions,” explained Tan.

“By focusing on building a fully digital core for all of our operational processes from marketing to sales, credit analysis, and operations with constant feedback to our product team, we are able to rapidly expand our business offerings targeted to meet the needs of our customers. With the cloud system, both ourselves and our clients are empowered to innovate their business solutions with greater flexibility.

“Internally, by harnessing digital transformation, we have integrated effective work practices, unlocked greater collaboration and created an open and clear work environment. This has resulted in breeding a growth culture and high performance teams with the strategic digital counsel capabilities to better serve our customers,” he added.

News Related

OTHER NEWS

‘Burnt out' cyber security professionals can make organisations even more vulnerable

Security analysts in Singapore are overwhelmed. Relieving the burden of mundane, repetitive tasks can reduce their workloads. Read more »

Biden names Google critic Kanter as Justice Dept antitrust chief

Big Tech put on notice. Read more »

Some crew taken off virus-affected cargo ship and put in hotel quarantine

A crew member of the BBC California. Picture: Trevor Collens / AFPSource:AFP Three healthy crew members from a coronavirus-infected cargo ship docked in Perth have been moved to hotel quarantine ... Read more »

Field Solutions Group to launch regional mobile network

Regional and rural telco Field Solutions Group has launched a mobile network for rural, regional and remote areas across Australia. The company will be the newest Optus mobile virtual network ... Read more »

How to best understand your audience, without cookies

Without being able to track users online, advertisers will gradually lose visibility on learning about consumer behaviour. What can they do? Read more »

Billionaire Jeff Bezos has successful suborbital jaunt

Helps usher in a new era of space tourism. Read more »

Priming Telstra for growth in the Asia enterprise network landscape

Telstra’s advantages lie in its rich legacy in local markets, as well as intimate knowledge and experience with customers, where it can play a role as a trusted advisor. Read more »

Dexus signs on to develop $1.4bn Atlassian office tower

Software maker agrees to 15-year lease. Read more »

The network is key in providing the right AR/VR experience

The success of AR/VR technology depends on whether organisations possess the wherewithal to handle the intensive bandwidth and processing requirements. Can AR/VR be more boon than bane? Read more »

EPA Victoria signs $52m IT services deal with Empired

Transition to take six months. Read more »

Melbourne's Global Storage scores at NetApp's APAC partner awards

Melbourne-based managed services provider Global Solutions has been awarded by storage vendor NetApp with an Asia-Pacific partner award. The company took home the solution innovation partner award for backup-as-a-service at ... Read more »

Kaseya has working REvil decryption key

Customer data unscrambling operations started. Read more »

Equinix Australia leads group negotiation for access to renewable power

After its progress was criticised in report. Read more »

FSG, Optus to trial 'host neutral' radio network in Queensland

Tests new model to share mobile equipment with many access seekers. Read more »

Linux systemd bug allows denial of service attacks

Old Linux bugs come back to bite users. Read more »

Covid-19 Qld: zero new local cases

Queensland’s latest Covid-19 numbers have been released and zero new cases were recorded. Picture: NCA NewsWire/Tertius PickardSource:News Corp Australia Queensland has recorded zero new locally acquired Covid-19 cases on Saturday. ... Read more »

Solarwinds spin-off N-able goes public on Nasdaq

N-able Technologies Tuesday completed its spin-off from parent company SolarWinds via an IPO that saw its shares tumble from its opening price. Canada-based N-able, which provides a full technology stack ... Read more »

NBN roundtable returns focus to customer needs - and NBN Co's costs

Areas of scrutiny revealed. Read more »

‘We were pretty shocked': Melbourne man speaks out about contracting Covid-19 at AAMI Park

Zac (left) tested positive to Covid-19 after attending the Wallabies match at AAMI Park. Picture: 9NewsSource:NCA NewsWire A young Melbourne man has opened up about contracting Covid-19 at a “super ... Read more »

Covid-19 Victoria: 12 new local cases recorded

New locally acquired cases have been recorded in Victoria. Picture: NCA NewsWire / Ian CurrieSource:News Corp Australia Victoria has recorded 12 new locally acquired cases of Covid-19 on Saturday. In ... Read more »

The Project: Dr Norman Swan's brutal lockdown prognosis

Carrie Bickmore and Norman Swan on The Project. Picture: Channel 10.Source:Supplied A health expert has told The Project’s Carrie Bickmore that New South Wales “might not get over” its current ... Read more »

Anger at Prime Minister Scott Morrison grows over coronavirus failures

Prime Minister Scott Morrison. Picture: Gary RamageSource:News Corp Australia Backlash against the prime minister has grown overnight with Scott Morrison the topic of conversation from Australian screens to the UK. ... Read more »

Calls for tower apology, Victoria enters seventh day in lockdown

• This coronavirus article is unlocked and free to read in the interest of community health and safety. Click here for full digital access to trusted news from the Herald ... Read more »

Melbourne couple sentenced for owning and exercising power over a slave

Kandasamy and Kumuthini Kannan were jailed on Wednesday. Picture: Andrew Henshaw/NCA NewsWireSource:News Corp Australia Kumuthini Kannan sat rocking in her chair on Wednesday, the same way she had on numerous ... Read more »

Press Council Adjudication

.Source:News Regional Media The Press Council considered whether its Standards of Practice were breached by an article published by the Herald Sun online on 21 January 2021 headed “Mill Park ... Read more »

Live breaking news: Growing fears NSW has lost control of worsening Delta strain covid outbreaks across Sydney

LIVE Last updated July 22, 2021 7:27AM AEST There are growing fears NSW has lost control of the Delta outbreak. There are growing fears New South Wales has lost control ... Read more »

Covid-19 SA: Centrelink office added to huge list of exposure sites as lockdown continues

Centrelink at Modbury has become one of the latest Covid-19 exposure locations, listed by SA Health. Picture: Scott Barbour/Getty ImagesSource:Supplied A busy Centrelink office in Adelaide’s north eastern suburbs is ... Read more »

Katie Hopkins blasts Australia's leaders for ‘imprisoning' people amid lockdowns

Katie Hopkins takes to Instagram Live to criticise harsh lockdowns as she quarantines in Sydney.Source:Supplied Katie Hopkins has blasted Australia’s handling of the pandemic to her large international following, declaring ... Read more »

Farmer Wants A Wife star denies domestic violence allegations

Farmer Sam Messina.Source:Supplied Farmer Wants a Wife star Sam Messina has strongly denied seven alleged domestic violence offences against a former girlfriend. A Current Affair reported the bombshell allegations last ... Read more »

Gold Coast teen creates viral sensation after puffy corn chip attracts $20k bid on eBay

The corn chip now has bids of $20,300.Source:Supplied A Gold Coast teenager has become the centre of a viral sensation after her unique corn chip attracted bids of more than ... Read more »

Woman hits back after cruel letter accuses her of being a bad owner for leaving her dog in the car

An angry note was left by someone who saw Drake in the car on his own. Picture: SuppliedSource:news.com.au An angry letter has left a Canberra local rattled after she found ... Read more »

Women separated from their partners during birth, pregnancy complications and miscarriage

A Sydney woman was forced to endure a traumatic procedure without her husband.Source:Supplied A Sydney woman who miscarried twins is among a growing cohort of women who say their treatment ... Read more »

PM pleads with Queenslanders eligible for AstraZeneca to get the ‘totally safe' vaccine now

​The PM insists AstraZeneca is ‘totally safe’, highlighting it has been given the ‘seal of approval’ from the TGA. Picture: Nikki Short / NCA NewsWireSource:News Corp Australia Prime Minister Scott ... Read more »

Sydney professor Dianne Jolley guilty of sending herself fake threatening letters

Former UTS professor Dianne Jolley has been found guilty of sending herself a bizarre series of fake threats. Picture: NCA NewsWire / Jeremy PiperSource:News Corp Australia A high-ranking Sydney academic ... Read more »

‘Man with bloody face' sought after fatal Newcastle shooting

A man was wounded in a daylight shooting in Newcastle on Thursday, officials have said. Picture: NCA NewsWire / Gaye GerardSource:News Corp Australia Newcastle police have asked the public to ... Read more »

ASIC secures winding up order for AI software firm Semantic Software Asia Pacific

Now-defunct Australian artificial intelligence software company Semantic Software Asia-Pacific is set to be wound up following a court decision. The Australian Securities and Investments Commission (ASIC) announced it secured the ... Read more »

Orient Futures in Singapore leverages Snowflake data analytics

Orient Futures Singapore aspires to be a ‘broker of the future’ by become intrinsically data driven. Read more »

ACCC to examine Amazon, eBay, Kogan and other marketplaces

Over rising competition concerns. Read more »

Brad Hazzard flags tough new mask exemption rule in fight against Delta Covid outbreak

Nurses are seen working at the Covid Testing clinic at Fairfield Showground, as essential workers in Sydney are now required to be tested every three days. Picture: NCA Newswire /Gaye ... Read more »

Sacked CEO refused to leave job at ritzy music school: court

The school teaches degrees, certificates and diplomas related to music and speech. Picture: iStockSource:istock A music school in one of Melbourne’s wealthiest suburbs is embroiled in a 17-month court battle ... Read more »