CALISTA adds lending-as-a-Service partner

CALISTA (an acronym for CArgo Logistics, Inventory Streamlining & Trade Aggregation) is a platform developed by PSA International Pte Ltd (PSA) in partnership with Global eTrade Services (GeTS) Asia, a fully-owned subsidiary of CrimsonLogic, which is in turn 70% owned by the PSA.

Singapore-based Finaxar has now announced a partnership with Global eTrade Services (GeTs) that will see Finaxar’s financing solutions offered to users of CALISTA. This will be limited to Singapore initially, then made extended to other regions such as Hong Kong, Malaysia, Vietnam and elsewhere.

The goal is to make it easier for SMEs in Asia to access trade financing through Finaxar’s “data-driven credit and payment solutions” that leverag non bank capital. Dr. Tan Sian Wee, Co-Founder and Executive Director of Finaxar, said: “We are excited to support the digitalisation of trade financing solutions within the shipping, logistics and freight forwarding industry through our partnership with GeTS. SMEs within the shipping and logistics industry face significant challenges in accessing financing support. As the trade industry digitises, other areas of the ecosystem including finance solutions need to keep pace – Finaxar and GeTS are in complete alignment in our goals to streamline processes and increase efficiency through technology. By availing our solutions on CALISTA, we will be able to reach out to more SMEs and help them grow faster with technology.”

Eugene Wong, Chairman of GeTS said: “Adequate trade financing is fundamental to international economic growth and development, and to ensure a smooth flow of goods across borders. As the shipping and logistics industry digitises, the trade finance ecosystem has to adapt to new technologies as well. The benefits of a global digital trade and supply chain platform that connects the trading community are aplenty, and we are delighted to have Finaxar to come onboard on CALISTA serving as a platform to the SMEs to apply for financing in a timely manner.”

Mr. Chong Kok Keong, CEO of GeTS said: “This partnership will facilitate our customers, especially the SMEs to have more convenient access to trade financing. CALISTA will serve as a seamless platform to our users to orchestrate their logistics, compliance and financing requirements for cross border trade. This will further our vision of making trade more accessible, predictable and easier.”