Close Menu
    Facebook X (Twitter) Instagram
    BusinessNews.phBusinessNews.ph
    Subscribe
    • Top Stories
    • Business
    • Events / Conventions
    • National
    • Technology
    BusinessNews.phBusinessNews.ph
    Home » Singapore’s Aizen acquires S Korean e-commerce data aggregation platform
    World

    Singapore’s Aizen acquires S Korean e-commerce data aggregation platform

    By BusinessNews.phJuly 23, 2021Updated:July 23, 2021
    Share
    Facebook Twitter LinkedIn Pinterest Email

    AIZEN, an AI-focused fintech company based in Singapore, today has announced that it has signed a definitive agreement to acquire an e-commerce merchant cash management platform in Korea as part of its vertical date economy integration strategy.

    There are different types of retail e-commerce sites in Korea: open markets like Naver Smart Store; social commerce like Coupang; existing retail giants; and MZ-favored vertical platforms such as Musinsa, Brandi, and Zigzag. A seller typically diversifies their sales channels from nine to ten malls on average, and each mall settles the sales payment within nine to eleven days.

    This is a real hassle for sellers when it comes to cash management, since every mall has different sales payment cycles and policies. The company AIZEN is acquiring is addressing the practical needs of sellers that are looking to scale, by enabling critical cash flow management functionality via its own cash management platform.

    It provides online sellers with tools to monitor and control their cash tied to multiple e-commerce sites, including their sales, expected settlements, refund history, as well as daily reports on when the sellers can receive its sales payment, by malls, by settlement date, and by different delivery status.

    The acquired company is the only company that has managed to connect to over 42 online and offline malls. Their competitiveness comes from its 10 years of know-how and expertise on different settlement policies every e-commerce site has, as well as their backend infrastructure that is constantly being updated.

    To date, there are thousands of registered merchants with gross transaction value(GTV) of over US$2.5 billion. Leading banks in Korea have already approached and partnered with the company for its data availability and applicability in merchant loan underwriting.

    However, working with legacy banks entails months-long process from discussing product schemes, validating technology requirements, checking regulatory compliance, and to final integration. Even the loan supports only a limited number of malls which also narrows down the number of options available for the sellers.

    The acquired company has its account receivable financing system called GSM which have originated over US$600 million loans for the last couple of years. The loan decisions were based on the multiple sources of data it has collected from e-commerce sites, banks, payment gateways and VAN companies, as well as inventory, warehousing, and fulfillment data from the third-party logistics(3PL) partners. It is favoured by many sellers as they can see the scattered information across their malls with just a few clicks and easily apply and get loans in one-stop.

    AIZEN will leverage AI technology to offer sellers even more value with CreditConnect, backed by a strong financing partner including credit funds. CreditConnect handles the core operations around the credit cycle, which it aims to design and build as an Autonomous Banking Operating System that fully automates core credit decisions from customer acquisition, product development, risk management, and collection.

    This also benefits the financing partner as they can rapidly expand their retail assets without having to set up a separate operation team.

    For the latest business and finance news in Asia - Business News Asia
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    $60 Million ADB Financing to Improve Climate Resilience of Infrastructure for Ethnic Minorities in Viet Nam

    August 26, 2021

    Employment Hero raises S$140 million in Series E

    July 22, 2021

    Canada Lotto 6/49 Result Today, Saturday, June 5, 2021 – Winning Numbers

    June 6, 2021
    Latest News

    QS Energy Receives Initial Order for Multi-Year AOT Technology Deployment

    June 21, 2025

    CanSinoBIO Launches Pneumococcal Vaccine: An Innovative Choice to Safeguard Children’s Health

    June 21, 2025

    BW Digital and BW ESS launch BW Velora to drive greater digital sustainability

    June 20, 2025

    Legacy and Lifestyle: U.S. Polo Assn. Hosts Iconic Party at Pitti Uomo 108 in Florence, Italy

    June 20, 2025

    Philconstruct Visayas 2025 Showcases Innovation, Sustainability in Construction

    June 19, 2025

    How Containers Supercharge AI Development Projects

    June 19, 2025

    New method to blend functions for soft electronics

    June 19, 2025

    ULVAC Continues Participation in “Lab-in-Fab” Project to Advance Piezoelectric MEMS Technology, Now Entering a New Phase

    June 19, 2025

    Euro Manganese and Integrals Power Sign LOI and Offtake Term Sheet to Strengthen LMFP Battery Supply Chain

    June 19, 2025

    HKTDC Maintains 3% Export Growth Forecast

    June 18, 2025

    “J-Style Trip Season 3” Tops Ratings for Twelve Consecutive Episodes

    June 18, 2025

    CleverTap Launches “Promos” The Industry-First All-In-One Rewards Management Platform

    June 18, 2025

    Canstar Strengthens Technical Advisory Board with the Appointment of Geologist and VMS Mineralization Expert, Dr. Stephen J. Piercey, P.Geo., FGC

    June 18, 2025

    The Lemon Co.: How a Cebuano’s Homecoming Sparked a National Health Beverage Brand

    June 18, 2025

    Clark Waste Crisis: Was the Experienced Solution Sidelined?

    June 18, 2025
    BusinessNews.ph
    • Home
    • Business News Asia
    • Cebu Lifestyle Channel
    • Property News
    • Events News Asia.com
    • Contact Us
    • Cebu Business News
    © 2025 All Rights Reserved | BusinessNews.ph

    Type above and press Enter to search. Press Esc to cancel.