DiMuto and Aleta Planet have partnered to support digital B2B payments and trade finance.
The collaboration brings together DiMuto’s global trade solutions platform and Aleta Planet’s B2B cross-border payment solutions to make payments in and out of China more efficient and transparent, the companies said in a Tuesday (Jan. 17) press release.
“Our customers now enjoy greater flexibility and visibility with the addition of this payment gateway option to our Payment Management module,” DiMuto founder and CEO Gary Loh said in the release. “Strengthening our ability to track trade payments will greatly open up opportunities for financing of trades on our platform.”
PYMNTS research has found that only 23% of small businesses are happy with their cross-border payment solutions.
As a result, companies around the world are turning to multicurrency tools, targeted strategies and future-fit accounts payable (AP) and accounts receivable (AR) solutions to help accelerate and streamline their international growth, according to “International B2B Payments: A Guide for Entrepreneurs and Digital Businesses,” a PYMNTS and Payoneer collaboration.
Solutions like those offered by DiMuto address the “black hole” that plagues cross-border payments, Loh told PYMNTS in an interview posted in August 2022.
“You could have a bank sending the money from Singapore to China,” Loh said at the time. “On one side, the bank account shows that the funds were transferred, but on the other side, the bank says it hasn’t received it.”
By allowing financiers to gain visibility on payments made and received by borrowers, as well as other trade documents, the new collaboration will also reduce the risk of financing and enable agricultural small to medium-sized businesses (SMBs) access financing at competitive rates, according to the release.
Together with the payment solutions developed by the new partnership, DiMuto will work with Aleta Planet’s parent company, Asia Capital Pioneers Group, to accelerate its trade financing services.
“Asia Capital Pioneers Group’s partnership with DiMuto reflects our commitment to creating a digitalized trade finance ecosystem, where physical agricultural assets can now be tracked throughout the supply chain, to give greater assurance that these transactions meet the criteria set out in our sustainability financing frameworks,” Asia Capital Pioneers Group Chairman Ryan Gwee said in the release.
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