For Finaxar, efficiency, security and simplicity are vital to success
Combining technology with expert knowledge, Finaxar guides small businesses along their journey of starting, growing, and running their ventures.
Founded in 2016, the company is working to change how small business financing is using technology.
Finaxar finances small business owners directly from its balance sheet to provide innovative data-driven credit and payment solutions.
In July 2019, the firm cemented its Lending-as-a-ServiceTM in a new cross-border deal with Cathay Financial Holdings and Indovina Bank.
The partnership was put in place to improve access to SME financing in Vietnam – setting a milestone of its first overseas market beyond Singapore.
The Singapore-based fintech enterprise, serves hundreds of clients, including startups, traditional businesses, doctors, and dentists.
The growth of the business brought new clients and opportunities. But it also resulted in a large number of contractual agreements, including vendor supplier and legal documentation.
Time for change
“We needed 20 signatures from a group of investors, shareholders, and clients,” said Co-Founder and Group CEO Sian Wee Tan.
“Someone from the operations team made a mistake with one document by misspelling an email address,” he said. “That was when we agreed to get into UI.”
With innovation at its core, Finaxar wanted to provide a service that was seamless, efficient and frictionless.
Under the leadership of Sian, the business began searching for software that could streamline its contract processes and reduce human error.
Finaxar’s partnership with DocuSign enabled the financial tech business to reduce errors and increase efficiency by 50 per cent.
Sian said DocuSign provides ease of automation and usability. It also allowed him to track the progress of the documents.
The other attribute was that the platform lets users amend sent files – no other program could do that.
The technology was seamlessly integrated into Finaxar systems and has since had zero complaints from customers.
The eSignature application has also reduced Finaxar’s challenges by improving efficiency and saving hours and hours of tasks that were once prone to human error.
“DocuSign saves me so much time. And we haven't even scratched the surface in terms of what I would like to do,” Sian said.
Finaxar plans to use the software across its tech and integrate the DocuSign eSignature API into its apps. With most paperwork now signed digitally, Finaxar can focus on scaling and servicing its clients.
The digital future
With years of experience, Finaxar has worked hard to provide funding and guidance to small business owners.
Small business is at the core of Singapore’s economy – which is why Finaxar is continuously creating new services like Flex to help support and enhance the sector. Flex is a payment and cash management solution designed to solve the most pressing needs of startups and SMEs.
With several new releases this year and a seamless operation strategy, Finaxar aims to continue its growth and change the perception around digital banking in Singapore and Vietnam.
“DocuSign as a solution, from an administration standpoint, a usability standpoint and an execution standpoint, is by far the easiest and best software to use,” Sian confirmed.