French automation company Esker and Singapore-based fintech firm Jing King Tech Group (JK Tech) have launched a joint venture that seeks to provide an innovative supply chain financing solution in Asia.
Esker disclosed Thursday (November 2) the joint venture will connect its e-invoicing platform to a group of banking partners including Singapore’s second largest bank UOB, and China’s tenth largest bank Shanghai Pudong Development Bank (SPDB).
The fintech initiative, which will cover ASEAN and greater China, aims to connect buyers suppliers and funders on one platform.
Specifics about the joint venture will be finalized in the coming months.
Esker is engaged in document process automation solutions and cloud computing, while JK Tech’s business includes payment solutions, transaction security and services for the banking sector.
The two companies will market NEMO, a 100 per cent cloud-based supply chain finance solution, that connects Esker’s e-invoicing platform to a group of banking partners, like UOB and SPDB, in China and Southeast Asia.
“NEMO has received support from the Singapore government, which included the solution in its investment support program to promote the competitiveness of local business through adoption of digital technologies,” Esker said in its statement.
One primary function of the new finance solution is to enable a supplier to a company to request the advance payment of one or more of its invoices within the portal.
Esker noted future competitiveness, like in Southeast Asia and China, can no longer exclusively be based on lower costs, but through the use of digital technologies to streamline supply chain financing, not only for companies of all sizes but also for governments in the region.
Founded in 1985, Esker operates in North America, Latin America, Europe and Asia Pacific with global headquarters in Lyon, France and US headquarters in Madison, Wisconsin.
Esker provides on-demand and on-premises software to automate accounts payable, order processing, accounts receivable, purchasing, among others.
In 2016, Esker claimed it generated 66 million euros in total sales revenue.
JK Tech was founded in 1984 as a smart card factory. It is now both a fintech and Business Process Outsourcing (BPO) company in Singapore with three main core business pillars: smart cards, BPO, and automated solutions and services.