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SINGAPORE, Sept. 29, 2021 /PRNewswire/ -- Singapore-based FinTech RootAnt Global, announced the introduction of its central lending platform, BANCR, into the existing BANCO platform, one of the first transaction neobank platforms in Asia. In alignment with BANCO by RootAnt Global's strategy to connect enterprises of all sizes, stakeholders, and financial institutions on a single platform for better, faster, and more relevant financial services, BANCR aims to provide a digital and open banking platform for small and medium-sized enterprises (SMEs) to gain easier access to finance.

BANCO currently offers a deep-tier financing solution to allow enterprises in the entire value chain to optimise cash flow and improve business efficiency. With the introduction of BANCR, SMEs can register their financing requirements and submit loan applications to multiple lenders at one time, allowing SMEs to gain access to financing more quickly and efficiently.

"This new platform, BANCR, represents the determination that RootAnt Global has to drive accessibility and collaboration between financial institutions, stakeholders and SMEs of all sizes to optimise cash flow and improve business efficiency. We are thrilled to introduce BANCR into our platform, further elevating our suite of product offerings. The integration of BANCR and BANCO together signals our commitment towards bringing different stakeholders under a unified platform - ensuring a seamless experience for all," said Lincoln Yin, Founder and CEO of RootAnt Global.

According to the SMEs in a new decade, new economy - Feb 2020 Report[1] jointly released by GrabFinance and Bloomberg Media, MSMEs now account for more than 90 per cent of establishments within the Southeast Asian region while contributing to 30 to 53 per cent of gross domestic product among member countries. Out of more than 600 firms surveyed across the region, 90 per cent of respondents funded their firms out of their own savings, while only 39 per cent reported taking out a bank loan, and 15 per cent securing funding from venture capitalists or investors. This is where the introduction of BANCR into BANCO by RootAnt Global could possibly make a difference, by providing a platform for SMEs to access finance efficiently under one platform.

In addition, RootAnt Global will also be unveiling a new and exciting logo for BANCO, which represents the firm's beginnings in Singapore and its vision to build digital infrastructure to connect and accelerate the growth of finance in Asia. Working towards that vision, platforms powered by BANCO would soon be made available through partners in mainland China, Hong Kong, Indonesia, Japan, Vietnam, and more.

Ms. Teresa Tah, General Manager, Business Banking, Standard Chartered Bank (Singapore) Limited said, "Digitalisation and innovative partnerships have been a key part of Standard Chartered's strategy to serve our Business Banking clients. To continue delivering on our promise to offer relevant and timely financial services, we are delighted to collaborate with BANCO to enable quicker and more efficient financing access for a bigger pool of SME customers. By supporting SMEs, which have vast potential to contribute meaningfully to the development of our economies, we can look forward to fostering inclusive and sustainable growth for the benefit of all."

"We are excited to welcome the launch of BANCR central lending platform by RootAnt Global. The pandemic has thrown the world's economy into turmoil and made it even harder for SMEs in Singapore to gain access to financing. Such platforms serve as a ray of hope for SMEs that now have a unified, omnichannel platform to meet their financing needs in a hassle-free manner. We have renewed motivation knowing that we have an alternative route to get loans apart from the traditional routes,'' said Kenneth Tan, Director of Stewart Engineering Works.

In line with the introduction of BANCR, RootAnt Global recently organised a webinar with the Singapore Business Federation on how SMEs can better protect themselves to be more creditworthy from a lender's perspective. As a result of COVID-19, SMEs find themselves in a precarious position with limited access to financial support as countries closed borders and imposed stringent restrictions on the movement of goods and services to align with social isolation measures.

[1]https://asiaprwerkz-my.sharepoint.com/:b:/g/personal/ag_aprw_asia/EcRZgC29QXxEjFL_Xk8fbLcBCizrsJAa6oCwiMJuRfufGg?e=3CqF4K

About RootAnt Global

Founded in 2018, RootAnt Global is a Singapore-headquartered FinTech that is on a mission to build the digital infrastructure to connect finance in Asia, so as to provide better, faster and more relevant financial products to solve enterprises problems with technology. Through its product offerings, the firm aims to unlock value for both financial institutions and enterprises, while building the digital infrastructure of movable assets.

BANCO by RootAnt Global offers deep-tier supply chain financing and green finance solutions, allowing all stakeholders access to a single platform to optimise cash flow and improve business efficiency. BANCR's central lending platform allows SMEs to gain access to financial support more easily and efficiently.

SOURCE RootAnt Global

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