Netbank, a neobank that offers Banking-as-a-Service solutions, has partnered with APAC lender Zetl to provide financing for small and medium-sized enterprises (SMEs) in the Philippines.
Under this partnership, Zetl will identify ‘asset light’ SMEs with a regular and guaranteed income stream that are seeking funding while Netbank will provide loans to these companies.
Filipino SMEs frequently encounter difficulties with day-to-day liquidity, primarily because of shortages in working capital.
Zetl aims to close this gap by providing a regular source of funding by discounting the invoices issued by Business Process Outsourcing (BPO) firms and workforce agencies.
Gus Poston, Chairman and Co-founder of Netbank said,
“We are excited to work with Zetl, which is deploying expertise in credit risk management and client identification, so that we can accelerate the funding to critical industries such as BPOs and outsourcing.
We see significant growth opportunities in this segment and look forward to an effective partnership with Zetl.”
Shan Han, Co-founder and CEO of Zetl added,
“We are delighted to be working with Netbank, which is enabling us to serve Filipino SMEs with flexible revenue based products and business accounts to power their growth.
Netbank offers a world class fully regulated BaaS service which will help us to deliver better financial products to our customers. ”
