Swipey plans to build management solutions for SMEs

KUALA LUMPUR - Homegrown fintech company Swipey Digital Services Sdn Bhd plans to build on corporate card and expense management solutions with holistic fintech offerings to help small and medium enterprises (SMEs) focus on building their businesses.

It said Swipey solutions include issuing corporate payment cards that eliminate the need to use personal payment cards, resolving an issue faced by 85 per cent of SMEs, and increasing the ease of monitoring spending.

The company also is collaborating with Visa to enable SMEs to reap cashback and points rewards.

"Offering simple and easy-to-use web and mobile applications that are compatible with existing accounting software, with real-time insight to ease the work of in-house finance teams as well as keeping SMEs’ cross-border transaction costs under control with lower foreign exchange rates and fees for cross-border payments,” it said in a statement.

The company will be using Software as a Service (SaaS) to provide SMEs with an easy-to-adapt cost-effective pricing model.

Swipey chief executive officer and co-founder Kalyana Mohan Teagarajan said they are to help SMEs focus on building their businesses.

He said Swipey effectively removes common pain points by digitalising SMEs’ backend financial operations and optimising operating costs.

"On a wider scale, we want to build customer-centric digital banking services for Southeast Asia’s underserved modern SMEs,” he said.

Swipey’s research found that 94 per cent of SMEs prefer having a dedicated company payment card to manage business expenses with segregation, governance and controls.

However, only eight per cent have access to a corporate card issued by a traditional financial institution.

Swipey bridges this gap by issuing next generation corporate cards and offering centralised and transparent expense monitoring and management.

"This is just one example in our broader goal to help SMEs dispense with the headache of managing company finances using our digital platform, thus enabling them to concentrate on what really matters - growing their business,” Kalyana added. - BERNAMA