Trade credit insurer Allianz Trade has announced its first B2B e-commerce partnership with Singapore-based B2B buy-now-pay-later platform Bueno.money, formalizing Allianz’s venture into the emerging B2B e-commerce space. As a result of the collaboration, Bueno.money will now be able to offer deferred payment solutions to e-merchants in real time with all credit risks protected under Allianz Trade’s e-commerce credit insurance.
The announcement meets the evolving needs of the B2B e-commerce market, which has grown to six times the size of the traditional business-to-consumer (B2C) market and which is expected to continue to grow at a compound annual growth rate of 22% until 2030 in the Asia Pacific region.
Research has found that while 95% of B2B online buyers preferred to pay on credit terms the same way they would if they were to buy offline, less than 10% of e-merchants offer a pay-on-credit option, making buy-now-pay-later schemes a key differentiator for the market.
Bueno.money’s buy-now-pay-later platform integrates directly on the e-merchant’s website. An online shopper visiting the e-merchant’s website will find a pop-up offering a 60-day, interest-free credit line application with an approval process that lasts less than half a minute. Once the shopper’s application is approved, they will be free to shop for anything on the website within the credit line and pay at a later stage. In the meantime, the e-merchant will receive payment upfront from Bueno.money with credit risks underwritten by Allianz Trade.
"Supporting the rapidly growing B2B e-commerce space is an integral part of our growth strategy,” said regional CEO of Allianz Trade in Asia Pacific Paul Flanagan. “Striking this partnership with Bueno.money, we are just as excited for launching this specialty line of business in which we see tremendous potential as global trade continues to progress. With BNPL payment option becoming a must for e-merchants, they will benefit even more from our e-commerce credit insurance through attracting more customers from different markets."
Bueno.money CEO Iman Agas likewise saw the partnership as a “vital step” for Bueno.money, its customers, and the B2B invoicing industry.
“Together, we aim to address the challenges of private credit terms and provide businesses with the tools they need to confidently manage the ever-growing demand for flexibility in B2B commerce,” said Agas. “Our partnership is essential in building Bueno's vision of developing a holistic invoicing ecosystem, allowing businesses to finance and insure their invoices, outsource payment chasing and collections, and make informed decisions based on aggregated data. By combining Allianz Trade's insurance expertise with our innovative invoice-financing platform, we are transforming the way businesses manage their finances and providing them with greater flexibility and convenience."
