BCI launches digital lending platform for SME loans

By Georgia Wilson
Fintech startup Bluecell Intelligence (BCI) is set to enter the Singapore market, with ambitions to consolidate the fragmented lending ecosystem...

In an announcement made by fintech startup Bluecell Intelligence (BCI), the company reports its plans to enter the Singapore market. 

The company’s ambitions for entering the market include driving the consolidation of the region's fragmented lending ecosystem by providing a new online platform for loan dealings.

The end-to-end lending platform aims to provide a better solution and efficient system to support SMEs, lenders and loan consultants throughout the entire process.

Challenges faced by SMEs

“Bluecell has been proactive in understanding the pain points and difficulties faced by Borrowers, Lenders, and Brokers during the SME loan process and hence deviced a platform to cater to their problems and provide a solution which integrates all the intermediaries together through a common platform,” stated BCI in a company statement.

The company reports from its experience in the lending industry, that many SMEs who aspire to grow and digital transform lack the necessary financial awareness to understand the processes involved. “They might be unaware of alternative financing options available in the market. Other tasks such as checking loan eligibility, applying for a loan, or negotiating with multiple lenders at the same time effectively also prevents SMEs from receiving financing. The often complex and lengthy document submission to different lenders further complicates acquiring financing,” added BCI.

Other concerns posed by BCI include the limited reach capabilities of lenders who do not have a centralised system to access larger markets.

“The reliance on manual document processing lengthens the process of loan application such as checking loan applications that don't meet underwriting criteria leads to resubmissions. Verification of submitted financial documents also delays loan processing time,” noted BCI.

In addition, brokers who use multiple channels experience communication inefficiencies between brokers and lenders as a result. 

“ Information from varied sources limits brokers' ability to stay up to date with the current lending criteria or policies. Brokers also have limited contact with new lenders due to evolving players in the market and various financing options,” said BCI. 

With these challenges in mind, BCI’s ambitions to enter the Singapore market, by providing a new online platform for loan dealings, is expected to provide a centralised ecosystem for borrowers, lenders and consultants. 

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