Validus, YTL PowerSeraya partner for SME financial inclusion initiative

SME suppliers can access Validus’ pre-approved financing for up to $500,000.

Singapore-based fintech Validus has partnered with electricity producer YTL PowerSeraya to drive financial inclusion for the YTL PowerSeraya’s small and medium enterprises (SME) vendor base, according to a press release.

YTL PowerSeraya reportedly works with over 500 SMEs in Singapore, and is one of the country’s largest electricity producers.

The collaboration with Validus, an SME financing platform, will help YTL PowerSeraya’s SME suppliers access pre-approved financing through Validus’ platform easily for working capital within 48 hours, the announcement added.

Under Validus’ Corporate Vendor Financing programme, SME suppliers can access Validus’ pre-approved financing for up to $500,000 at low, bank-like rates.

SMEs in Singapore employ 70% of the work force and contribute 50% to the GDP of Singapore, the two companies noted.