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Stone Forest partners French Fintech firm Jenji to push digitalisation to SMEs in Singapore
Home-grown business services group Stone Forest and French fintech firm Jenji announced today they will be teaming up to help push digitalisation and transform small and medium-sized enterprises (SMEs) in Singapore.
Under the multi-year agreement, Stone Forest will integrate Jenji’s AI-powered digital expense management solutions with its myriad of offerings to its wide reach and base of Singapore SMEs.
According to Jenji, Stone Forest was selected for its rich experience in serving SMEs, and its strong payroll, IT and accounting domain knowledge and experience.
A recent study on SMEs found that 72 percent of SMEs in Singapore have not yet digitalised, lagging far behind their larger peers. It also showed that electronic payments and electronic invoicing were among the top five digitalisation priorities for SMEs in line with a demand for cashless payments during the Covid-19 pandemic. In addition, two in five SMEs that implemented digitalisation initiatives in 2020 had stronger revenue growth than non-adopters, with those who digitalised their entire business or multiple areas outperforming those who digitalised only one area. Among non-adopters, six in 10 saw their 2020 net revenue decline from 2019.
Jenji’s AI-powered expense management platform analyses 100% of a company’s spend data regardless of purchase method or source system to identify financial waste and misuse across the organisation. The Jenji Global Expense Index revealed that home office expenses increased by 400% in terms of volume since the pandemic. The high volume is making it hard for employees and businesses to manage manually. The platform proactively and automatically detects any expense fraud, anomalies, and abnormal spending patterns, which helps companies to stay compliant and frees up employees’ time for increased productivity. By going paperless, companies can adopt an ecological, productive, and economical approach. Employees and managers can easily manage their business expenses with Jenji’s mobile app and web-app, putting in claims and approvals anytime, anywhere and while on-the-go.
Vina Toh, Director of Stone Forest payroll division said:
“We are pleased to integrate Jenji’s solutions with our PayDay! HRMS and help elevate SMEs to the next level. Besides the productivity gains, the digitalisation will also put SMEs in good stead to better appeal to an increasingly tech-savvy millennial workforce who will lean towards environmentally conscious firms and a paperless work environment.”
Lee Chee Leong, Head of APAC, Jenji, said:
“We understand the economic impact of the COVID-19 pandemic, especially on SMEs. This partnership brings together a powerful combination of service excellence and technology innovations to help companies to eliminate fraudulent expenses, better manage their spending, and improve their overall profitability and the bottomline of their businesses.”
About Stone Forest
Stone Forest is a leading business services group providing advisory, services and solutions in accounting, payroll, IT, staffing and corporate secretarial. Together with its sister firm RSM, it is the largest accounting and business advisory group outside the big 4 in Singapore. Its payroll services division is a leading provider of cloud-based and fully managed payroll / HR services and solutions. It is among the few providers licensed by the Monetary Association of Singapore (MAS) as a Major Payment Institution. Its attainment of the coveted OSPAR (Outsourced Service Provider Audit Report) attestation from the Association of Banks, Singapore, in addition to the SSAE 18 and ISAE 3402 certifications, underscores the firm’s commitment to quality, and assurance in client data and confidentiality meeting international risk control standards, enabling it to be the choice for both foreign and local businesses looking for professionalism of the highest standards. For more information, go to www.StoneForest.com.sg
About Jenji
Jenji is one of the leaders in professional expense management and dematerialisation solutions for companies. It offers management solutions for expense reports, lump-sum indemnities, and
professional expenses for medium and large companies. Founded in 2015, it is headquartered in France with presence in Singapore, Germany, Switzerland, Romania, and Portugal. It is the first fintech company to independently raise European capitalisation with support from Eurazeo investment fund. Jenji has reinvented expense management solutions by relying on Cloud and AI technologies while aiming for a simple, modern user interface accessible across devices, everywhere in the world. Thus, Finance departments have real-time and consistent data available that they can drill down into.This is possible thanks to automated financial analyzes that provide the control necessary for strategic and operational management. Jenji has more than 1,000 mid-market customers and large accounts in all sectors of activity, such as MAN Truck & Bus, Matmut, the National Assembly or GRTgaz. Learn more at www.jenji.io
Photo by Timothy Muza on Unsplash
