GXS Bank has partnered with Funding Societies to introduce the GXS Biz Property-backed Loan, designed to provide small and medium-sized enterprises (SMEs) in Singapore with up to S$2m in financing. This initiative aims to help businesses unlock liquidity from residential or commercial properties, enabling them to seize growth opportunities and manage cash flow more effectively.
The collaboration leverages GXS Bank’s robust balance sheet and extensive ecosystem, which includes shareholders Grab and Singtel, alongside Funding Societies’ expertise in digital SME financing. The loan will initially be available to existing customers of GXS Bank and Funding Societies, as well as SMEs within the Grab and Singtel ecosystem.
Pei-Si Lai, Group CEO of GXS Bank, highlighted the importance of this offering, stating, “SMEs are the backbone of our economy, yet financing for many of them is either not available, not affordable or not adequate to support their growth meaningfully.” She emphasised that the new loan product allows business owners to convert illiquid assets into liquidity, facilitating timely growth opportunities.
Kelvin Teo, Co-founder and Group CEO of Funding Societies, noted the significance of the partnership in making property-backed financing more accessible. “This collaboration with GXS Bank brings together GXS Bank’s ecosystem playbook and Funding Societies’ digital financing experience to make property-backed financing more accessible to businesses navigating an increasingly uncertain market,” he said.
The GXS Biz Property-backed Loan is set to roll out progressively, aiming to support SMEs in navigating financial challenges and fostering sustainable growth.
