Rebranding exercise aims to better harness the Kampung Spirit of Singaporeans supporting their favourite local businesses
SINGAPORE – Media OutReach – 27 October 2020 – Singapore-based peer-to-peer (P2P) investment network SeedIn today announced its rebranding to BRDGE. With the rebranding, BRDGE will be able to better reflect the company’s mission to serve Singapore’s small and medium enterprises (SMEs) not just through financial support but with the long-term aim of providing the public with numerous opportunities to support their favourite local businesses.
The announcement comes after BRDGE’s recent MOU signing with V3 Fintech, a unit of V3 Group which develops digital and financial technology. Other partners include local cybersecurity and fintech firms including ISTARI International, Ensign Infosecurity, and Auto-Wealth.
V3 Fintech is additionally part of the Beyond consortium, one of the bidders for Singapore’s digital full bank license. Under the MOU, BRDGE will collaborate with V3 Fintech to enhance the suite of liquidity solutions available to SMEs, and help to create awareness among SME communities on innovative ways to address liquidity challenges and funding gaps.
SMEs in general are much more sensitive to economic headwinds due to increased competition, fluctuating market demands, technological advances, and capacity constraints surrounding information, innovation and creativity. However, these enterprises make up the bulk of Singapore’s economic success, contributing to nearly half of the country’s GDP and providing jobs for about 65% of the workforce.
Kevin Wong, CEO of BRDGE, said, “As an SME ourselves, we are acutely aware of the day-to-day challenges that SMEs face in terms of accessibility to credit and mobility in pivoting to alternate business models. Rebranding has allowed us to stay committed to our mission of serving as many SMEs as possible.
It has also enabled us to grow Singapore’s fintech ecosystem by providing additional financing solutions to businesses seeking more options in funding, so that they can seize more opportunities for growth. We hope to take digital financing further, and to become not just another crowdfunding platform, but one that is able to exhibit foresight and build trust to help fellow local businesses and entrepreneurs grow.”
A Trusted Platform and Community
Since 2014, BRDGE has helped fund over SGD72 million in capital to Singaporean SMEs. Its proprietary credit scoring system and community spirit of BRDGE’s members has earned it positive accolades and endorsements from investors and businesses alike.
Through BRDGE, the application process for SMEs to obtain credit for short-term financing to grow their business has been simplified, providing greater access to both businesses as well as investors looking for short-term investment deals. The company also helps structure loans, ensuring that businesses are able to explore greater options to manage their cash flow and long-term sustainability, even during unprecedented periods.
This flexibility has allowed SMEs in BRDGE’s portfolio, such as F&B businesses Outbar, Harivenikas, and events manager Dreamland Productions to tide through the difficulties brought on from the Covid-19 control measures enacted earlier this year, until the regulations were gradually relaxed, allowing businesses to resume normal operations. Additionally, the ability to avoid any penalties incurred from early repayment of loans, such as in the case of F&B business Atas Food, remains an attractive option for SMEs especially in times when companies have to be stringent with their financial discipline.
Benefitting Local Businesses with #KEEPUPTHEGOOD and WeConnect
SMEs today are facing additional financial difficulties due to Covid-19, with many businesses struggling due to a lack of income. #KEEPUPTHEGOOD, an initiative by BRDGE and media and technology marketing agency Unravel Studios, aims to help tide SMEs through this period, by providing resources to help them continue to contribute to Singapore’s economy and sustain livelihoods.
Being an SME, BRDGE understands that besides securing funding, it is also important to maximise the use of the funds, especially during challenging periods. Through this partnership, SMEs who receive funding will also be provided with complimentary support for one month to fulfil their marketing objectives.
BRDGE has also been actively connecting SMEs to opportunities and initiatives beyond funding, such as organising WeConnect, a networking event for SMEs to develop partnerships and engage one another.
Expansion into Indonesia
Moving forward, BRDGE has also announced intentions to expand operations into Indonesia and is currently in the process of securing regulatory permission from the relevant authorities.
This move represents BRDGE’s continued commitment to support SMEs both locally and regionally by bridging gaps between the companies and investors in their respective countries, and is part of BRDGE’s vision to benefit underserved SME markets by building businesses, creating jobs and stimulating economies.