Singapore’s largest peer-to-peer lending platform, Validus Capital, is confident of inking serious. Collaborations with Singapore banks by early next year. To tackle the pressing dearth of financing for small and medium enterprises (SMEs).
Having been in talks with Singapore banks for some time now, Validus is seeing a shift in attitude toward partnerships as it offers a unique approach of assessing SMEs for financing.
Validus has had zero defaults from financing vendors of its corporate partners. Its overall non-performing rate for loans overdue for more than 90 days stands at about 2.5 percent. This is lower than overall delinquency rates for personal loans and credit cards as at third quarter 2018. The platform also provides an insurance cover on most invoice financing facilities.
Validus has worked so far with seven large corporates in Singapore, including ST Engineering, large shipyards, and the country’s largest logistics and transport provider to tap the thousands of vendors that hold contracts with these blue chip firms, commented Mr Nahata, co-founder and executive chairman at Validus Capital.