In Southeast Asia, Small and Medium Businesses (SMBs) form the backbone of the economy, and account for 70% of GDP and between 52% and 97% of total employment in the region. According to research by Google and Facebook, there are c. 310 million digital consumers in the region, who are fueling a tremendous growth in online spending.
Yet the majority of SMBs in the region struggle to capture this demand because they are in the early stages of digital transformation. Approximately between $20 and $40 billion is spent by SMBs for various OPEX payments.
To help small businesses capitalise on this burgeoning demand, Atlantis — a Singapore based fintech company — has announced the launch of BizBank, its digital platform for SMBs. BizBank's mission is to empower SMBs by providing them with a comprehensive, technology-based financial and business platform to accelerate their growth in the digital era.
Existing tools and solutions in the market today are fragmented and do not cater to the specific size and scope of SMB operations. Cost effective and intelligent financial solutions will help remove barriers faced by SMBs, unlocking economic growth and prosperity in the region.
The BizBank Corporate Expense Card
BizBank's first product is a corporate expense card that has been designed to help SMBs spend less. It provides small business owners with convenience and flexibility, bank grade security, and full visibility and control over spends. BizBank also plans to introduce expense management, invoicing, and various credit products in the next few months across Southeast Asia.
According to Sruthi Srinivasan, COO of BizBank, "We are building a 'bank-in-a-box' for small and medium businesses. Using our end-to-end platform, SMBs can digitize their operations and spend more time on their core activities - revenue growth and business expansion."