Peer to peer lender Beehive announced on Saturday it has formed a partnership with Thanachart Bank to launch a new SME value chain financing program in Asia. Beehive reported this was its first bank collaboration in Asia and the digitalized supply chain will provide improved liquidity for SMEs.
Beehive also revealed that the partnership will be done through its fintech group Beehive Asia, which will offer enhanced digital financial solutions to SMEs looking to improve liquidity through Invoice Finance. Anuwat Luengtawekul EVP, Chief Retail & Small Business Banking at Thanachart Bank, stated:
“It is our strategic direction to enhance our digital technology capability to deliver a better customer experience. The new Value Chain Financing Program will digitalize the traditional supply chain process and revolutionize SME access to finance. This is an exciting opportunity to combine synergies. Uniting Thanachart brand awareness with Beehive’s innovative fintech capabilities, the Value Chain Financing Program will bring greater efficiency and value to customers and put Tbank at the forefront of Thailand’s 4.0 digital economy.”
Justin Wright, Beehive’s Head of Asia, said:
“The Value Chain Financing Program offers significant potential for Tbank to strengthen their SME product portfolio. We look forward to a strong collaboration with a view to further expansion of the partnership in the future.”
Craig Moore, Beehive Founder and CEO, added:
“This partnership marks an exciting step in our Asian expansion plans and is a great example of banking and fintech collaboration.”