On 4th April 2019, Lumiere32, an NUS Enterprise supported start-up, held an event on how small businesses can manage their cashflow better by embracing digital financing, at the NUSS Guild House. Lumiere32, Southeast Asia’s first B2B online dental and medical supplies marketplace, aims to be the single touchpoint where medical professionals can procure their supplies, equipment and medical devices. The session comprised of the co-founders, Dr. Priti Bhole and Raman Chauhan introducing their new e-wallet — Pay32.
Pay32 aims to make purchases on the Lumiere32 platform crisp and effortless. Through this service, any dental & medical clinic can purchase products from the platform instantly without paying upfront — instead completing the payment in 90 or 120 days with 0% interest, through Grab Financial Group’s unique financing solutions.
According to a recent study, most SMEs are unable to maintain sufficient amounts in liquidity because they don’t have positive cashflow. As a result, they tend to turn to alternative lenders to get loans.
Lumiere32 partnered with Grab Financial Group to solve this issue, by providing pre-approved credit lines for clinics under Lumiere32. The credit line allows participating clinics to enjoy perks such as extra credit terms and direct, prompt payments to suppliers on their behalf. The pre-approval process also requires documentation as minimal as the Director’s Identification Number, which is a great leap forward from the standard loan application processes, where multiple documentation is required.
With the introduction of this new service, Lumiere32 is hoping to streamline services such as Inventory Analytics, Build and Renovate, Marketing and IT Services as well as Classified ads and the selling of Used Equipment on their website.
Mr Raman Chauhan believes this partnership is one of the many first steps towards transforming the dental health industry, eventually digitalizing the healthcare ecosystem.
“The most important aspect is that we’re making sure that the clinics are able to get their supplies on time, and how our technology serves to connect these multiple clinics and suppliers to achieve that.”
Lumiere32 is currently incubated at the NUS Enterprise @ Singapore Science Park facility.