PayMate India Limited (“PayMate” or “Company”), a leading B2B payments and services provider that digitizes, automates, and streamlines business-to-business (B2B) payments in supply chains[2] has announced that it has incorporated and registered its entities in Singapore and Sri Lanka to offer its B2B payment platform that is aimed to help customers with their working capital needs.
Local large enterprises and SMBs in Singapore and Sri Lanka who adopt the PayMate platform can use bank-issued commercial credit cards to make early payments towards supplier invoices, thereby extending their days payable. All payments made and received using the platform will be promptly reconciled, allowing analysis of the business’s cash flow. This will help CFOs and finance managers to improve their working capital. Other important features such as custom approval workflows, APIs, detailed reports and integrations with ERPs will further help users streamline their payables and receivables.
To head the APAC region, PayMate has appointed Amirreza Sawal as its Regional Head for APAC based out of Singapore. Amirreza has experience in B2B corporate payments and financial services spanning across the Asia Pacific, & Middle East markets; and has most recently worked at Visa Middle East FZ-LLC.
PayMate’s entrance into Singapore and Sri Lanka is a part of a broader geographical expansion plan into other parts of Central Europe, the Middle East, Africa (“CEMEA”), South Asia and the Asia Pacific (APAC). PayMate has an established relationship with Visa in India and the UAE.
According to RedSeer, global commercial payments volume was estimated at approximately USD 130-135 trillion in 2021; India has approximately USD 8 trillion of the global commercial payments volume, CEMEA, approximately USD 10 trillion and Asia-Pacific estimated at approximately USD 58 trillion[3].
Speaking on this, Rakesh Khanna, Chief Commercial Officer, PayMate says, “We have more than 166,811 customers[4] and users[5] in India and UAE as of December 2021. In line with our plans to grow our global footprint, we are now set up in the Singapore market- a Hub to further expand into the rest of APAC, and Sri Lanka for further expanding into South Asia. With Amirreza heading APAC and Nilesh Dadpe taking charge of South Asia markets in addition to heading Indian markets; we are set to go full-steam ahead to offer our B2B payment solutions.
Speaking on the geography launch, Ajay Adiseshan, Chairman and Managing Director, PayMate further adds, “We are expanding into Singapore and Sri Lanka to offer B2B payments and working capital solutions for businesses. The PayMate platform provides an interface to simplify the payments and collection process for our customers and their suppliers, dealers/distributors, and commercial credit cards enablement to make timely payments, manage cash flows and end-to-end reconciliation.”
