Deals2 Apr 2025, 12:36 am
Four Leading PSBs Sign Up for World's Largest SCF Platform Through PSBXchange, Powered by Veefin
AI Summary
In a significant step towards transforming MSME financing in India, four leading public sector banks - Bank of Baroda, Central Bank of India, Indian Overseas Bank, and UCO Bank - have signed up for the world’s largest unified Supply Chain Finance (SCF) platform, PSBXchange, developed and powered by Veefin Solutions. This collaboration marks a critical milestone in enabling broader financial inclusion for MSMEs in the country. The platform is on track to become the common technology bridge for all banks and NBFCs in the country to source and provide supply chain finance and small business loans.
Key Highlights
- Four leading public sector banks sign up for the world's largest SCF platform through PSBXchange, powered by Veefin Solutions.
- The platform is set to become the common technology bridge for all banks and NBFCs in the country to source and provide supply chain finance and small business loans.
- The unified platform will connect Fintechs, B2B marketplaces, Accounting Service Providers, new-age data providers with the core banking system of multiple lenders.
- The collaboration will play a pivotal role in supporting the financial needs of MSMEs, ensuring they are not left behind in the digital transformation of credit delivery.
- The platform is expected to redefine financial inclusion and accelerate the growth of MSMEs while strengthening the entire lending process.