YY Group Holding Limited, a leader in on-demand workforce solutions and integrated facilities management, has secured a S$10.5m banking facility from United Overseas Bank (UOB). This facility, issued in collaboration with Enterprise Singapore, aims to bolster the company’s strategic growth initiatives and financing needs across its manpower outsourcing and facilities management businesses.
The facility will provide financing for Hong Ye Group Pte Ltd, YY Group’s facilities management subsidiary, and YY Circle (SG) Pte Ltd, its manpower outsourcing arm. Available on a drawdown basis, it offers a flexible financing option to meet YY Group’s working capital needs. The company anticipates an 8% reduction in annual finance costs, enhancing financial efficiency and supporting ongoing operational expansion.
Chief Executive Officer Mike Fu expressed gratitude towards UOB, Enterprise Singapore, and the Singaporean government, stating, “This partnership reflects their confidence in our business and marks a significant step forward in our growth journey.” He added that the facility would enable the company to accelerate key growth initiatives and optimise cash flow management.
YY Group has been expanding its global footprint, extending its on-demand staffing platform, YY Circle, to markets in Australia, Europe, and Southeast Asia. The company has also completed key acquisitions to enhance its facilities management capabilities and secured new enterprise-level contracts and hospitality partnerships, further solidifying its position as a trusted workforce provider.
