BizBank is building a ‘bank-in-a-box’ for Southeast Asia’s large but underserved SMB community
BizBank’s first product offering is a corporate expense management card
The technology platform seeks to empower SMBs in the digital era
Singapore / SEAPRWire / April 8, 2021 / – Atlantis, a Singapore based fintech company has announced the launch of its digital platform for small and medium Businesses (SMBs) – BizBank. BizBank’s mission is to empower SMBs by providing them with a comprehensive, technology-based financial and business platform to accelerate their growth in the digital era.
In Southeast Asia, SMBs form the backbone of the economy, and account for 70% of GDP and between 52% and 97% of total employment in the region. According to research by Google and Facebook, there are c. 310 million digital consumers in the region, who are fuelling a tremendous growth in online spending.
Yet the majority of SMBs in the region struggle to capture this demand because they are in the early stages of digital transformation. Approximately between $20 and $40 billion is spent by SMBs for various OPEX payments.
Existing tools and solutions in the market today are fragmented and do not cater to the specific size and scope of SMB operations. Cost effective and intelligent financial solutions will help remove barriers faced by SMBs, unlocking economic growth and prosperity in the region.
According to Sruthi Srinivasan, COO of BizBank, “We are building a ‘bank-in-a-box’ for small and medium businesses. Using our end-to-end platform, SMBs can digitize their operations and spend more time on their core activities – revenue growth and business expansion.”
BizBank aims to leverage the best of the emergent technological innovations to build an SMB-centric financial platform centered around the unique cash flow and business dynamics of these SMBs. “We are building a financial operating center for SMBs to manage their payments, credit, reportings, and grow revenue”- added Gaurav Sharma, CEO of Atlantis.
BizBank’s first product is a corporate expense card that has been designed to help SMBs spend less. It provides small business owners with convenience and flexibility, bank grade security, and full visibility and control over spends. BizBank also plans to introduce expense management, invoicing, and various credit products in the next few months across Southeast Asia.
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