Singapore-based finTech company Finaxar has joined forces with Visa to launch its Flex by Finaxar programme.
It is claimed that the programme will enable small- to medium-sized businesses (SMBs) to unify spend, payables and receivables.
Flex by Finaxar is an all-in-one spend management platform, which is designed to enable SMEs to regulate, manage, and track their spending.
Business can set up spending limits, capture and monitor invoices using physical and virtual Flex Visa corporate cards, and use real-time spend insights to obtain comprehensive financial outlook.
The Flex Visa Card is a part of the spend management platform, which is exclusive to Singapore businesses.
It can be integrated into existing account systems and help monitor, allocate and reconcile business spend.
Employers can load amounts into the card on monthly basis, allowing their staff to spend on specific expenses, and more.
The programme will also capture all the expenses for easy reconciliation and reimbursements.
Finaxar co-founder and CEO Vihang Patel said: “Developing Flex by Finaxar was our natural next step in creating a unified platform and tapping on Visa’s strong global payments network and ecosystem, we can solve the challenges faced by SMEs and provide the working capital to address their needs.
“We are aware of the challenges faced by SMEs when applying for corporate cards from traditional banks.
“Hence by offering the Flex Visa Card as part of our new unified spend management platform, we can extend this suite of solutions to businesses and collaborate with incumbent banks and financial institutions to level the playing field, given the rise of neobanks in this region.”
Visa Singapore and Brunei country manager Kunal Chatterjee said: “Finaxar was the winner of our Visa Everywhere Initiative challenge last year, and this provided us with the opportunity to partner with them to transform business financing and solve working capital challenges faced by SMEs.
“We want to support SMEs in their business growth, and the introduction of digital payment solutions such as Flex by Finaxar to provide SMEs virtual and physical corporate cards will help their companies and employees become more productive and efficient, thus enabling them to concentrate their efforts on increasing their business revenues.”
Recently, Indian private sector lender Kotak Mahindra Bank allowed its Visa debit and credit cardholders to pay using Google Pay mobile wallet.