By James A. Loyola
Singapore-based Filipino start-up Acudeen Technologies Pte. Ltd. is alloting more than P5 billion to provide for the financing needs of small and medium enterprises (SMEs) next year.
Acudeen Founder and CEO Magellan Fetalino said the company has so far financed more than P500 million worth of invoices for 1,000 SMEs in the Philippines this year.
Fetalino said Acudeen continues to grow since its inception in 2016 making financing accessible to SMEs in the Philippines through the use of technology.
Small and medium enterprises (SMEs) comprise 99.6 percent of all registered business in the Philippines and employ 70 percent of the workforce.
SMEs are major contibutors to the country’s domestic output as measured by the gross domestic product (GDP).
However, more than 80 percent of SMEs in Southeast Asia including the Philippines lack access to credit that is needed in order to grow or sustain their businesses.
With the use of Acudeen’s online marketplace for receivables financing, business owners can now experience swift, secure and seamless financing all at the comfort of their home.
“SMEs anywhere in the world always have the biggest contribution to a country’s GDP, and yet this is the segment that is least supported by our financial institutions,” Fetalino emphasized.