Acudeen Partners with DS-Concept to Support PhilExport Members
Acudeen Technologies, Inc. (Acudeen) has teamed up with DS-Concept Ltd., a global trade finance company, to provide Philippine exporters with working capital solutions.
Acudeen, in partnership with the Philippine Exporters Confederation, Inc. (PhilExport), has just concluded their event, “Xcelerate Manila: Excel - Accelerate - for the Philippine Exporting Industry,” held on September 12, 2017 at the Elk’s Club of the Corithian Plaza in Makati City. Xcelerate Manila gathered the micro, small and medium enterprise (MSME) members of the PhilExport association in a discussion, which revolved around the vast growth opportunities for the industry and the numerous challenges hindering exporters from maximizing their capabilities.
Xcelerate opened with the remarks of Mr. Sergio Ortiz-Luis Jr., President and Chief Executive Officer of the Philippine Exporters Confederation, Inc. “The Filipino SMEs, especially our exporters who are new to the business, are lacking access to credit from traditional banks. They are often being rejected due to lack of a credit line and assets to serve as collateral.” He added, “MSMEs still need more financing options in order to improve and grow their businesses.”
Acudeen agrees with the sentiments of Mr. Ortiz-Luis Jr. that receivables with lengthy payment terms from clients always hinder MSMEs to reach their full capacity to grow. Waiting for their clients abroad for up to 1-4 months or even years to process their payables slows down their businesses even if in reality, they were built to scale up. Acudeen offers a solution through an online platform that enables SMEs to collect funds ahead of time by selling their accounts receivables to a network of investors.
“More than a third of MSMEs’ balance sheets are accounts receivables that are unutilized and unmoved. Without a working capital to fund operational expenses, they will have to decline projects and opportunities offered to them,” said Kevin Soto, Marketing Manager at Acudeen. “By having access to funds within days instead of months, you can turn your cash more frequently and significantly increase your total annual margin and say yes to more projects instead of the other way around,” he added.
Acudeen introduced DS-Concept, their partner for export invoices, to the members of PhilExport. DS-Concept is a German headquartered trade finance company with 16 offices worldwide that specializes in providing export factoring and full supply chain finance solutions in most countries and global markets. It offers streamlined and flexible services combining financing with credit protection and collection services. DS-Concept will finance PhilExport members’ receivables through Acudeen’s online platform.
“We are excited to partner with Acudeen, who has a game-changing platform that will tremendously benefit one of the fastest developing economies in the world—the Philippines. We are very confident that with our global expertise and understanding of the credit and collection processes, we will be able to contribute significantly to the growth of the Philippines’ exports,” said Ankit Goel, Managing Director of DS-Concept for UAE and India.
Acudeen Technologies, Inc. is a technology company enabling SMEs to finance their receivables ahead of time. Their online platform allows transactions to happen fast, from receivable upload to cash within 5-7 days, giving the SMEs better control of their cash flow. Acudeen originated from the Filipino words “Ako Din” as the mission of the company is to bring financial inclusion to all of the small businesses in the country.