CIMB Singapore has launched CIMB FlexiPay, which it says is the primary revenue-based mortgage of its sort out there.
The brand new product is designed to assist small and medium-sized enterprises (SMEs) higher handle money circulate by means of repayments that alter to each day income.
Companies repay a set proportion of their each day deposits, often called a holdback price.
For instance, if an organization units a 5 % holdback and earns S$1,000 in a day, S$50 can be deducted. No reimbursement is required on days with out income.
CIMB stated debtors pays a single upfront charge, with no curiosity, prepayment penalties or late costs.
The whole course of is totally digital, with out the necessity for bodily varieties or guide submissions.
“With CIMB FlexiPay’s pay-as-you-earn construction, SMEs achieve flexibility, transparency and management in managing their financing. This innovation displays our dedication to rethinking conventional banking and supporting companies with options that actually adapt to their money circulate realities.
By eradicating conventional limitations and providing a seamless digital expertise, we intention to assist companies develop with confidence.”
stated Benjamin Tan, Head of Business & Transaction Banking, CIMB Singapore.
Featured picture: Edited by Fintech Information Singapore, primarily based on picture by thanyakij-12 by way of Freepik
