This alliance will structure innovative solutions for the ecosystem and allow beneficiaries to avail a gamut of programmes.
CredAble, one of India’s leading trade financing FinTech platforms, has partnered with DBS Bank India to pump liquidity and enhance current financing options for working capital needs. The collaboration will cater to the capital requirements for the day-to-day operations of SMEs, MSMEs, and enterprises in the corporate supply chain.
With DBS Bank’s strong presence in trade financing and CredAble’s agility to meet the financial requirement, these flexible and seamless solutions will enable cash flow and quickly penetrate deep into the supply chains for credit facilities in the country. This alliance will structure innovative solutions for the ecosystem and allow beneficiaries to avail a gamut of programmes. With this partnership, CredAble aims to settle the working capital crisis and steer access to cash in the supply chains across sectors.
Commenting on the association, Mr Nirav Choksi, Co-founder & CEO, CredAble, said, “We are elated to partner with DBS Bank and create customisable solutions in order to resolve the working capital gap in India. DBS Bank has a huge presence in trade and supply chain finance across countries, predominantly via working capital services for exports and SMEs. We believe that the entire ecosystem will witness a surge in liquidity with this association, and CredAble being at the forefront in structuring innovative technology-led solutions.”
The collaboration is an industry movement supporting the modern supply chain. Mr Divyesh Dalal, Head – Global Transaction Services, DBS Bank India, said, “At DBS, we have always believed in enabling tech platforms and partnering with agile, like-minded players in the segment to deliver innovative financing solutions to customers. We expect this partnership to equip the supply chains with flexible and tailor-made solutions by leveraging CredAble’s technology prowess, making the entire process nimble. Further, DBS’ quick turnaround on financing requests will enable supply chain requirements across a wide spectrum of ecosystems. We will continue to work and innovate with CredAble to meet the evolving financing needs of various industries.”
Seconding Mr Dalal’s statement, Mr Choksi decoded the partnership and added, “We integrate with an intention to expand the possibilities of access to credit as per the needs of the enterprise supply chain. In addition to the current offerings, we also look forward to a joint securitisation and be the first movers in a range of facets, including purchase order financing, SME financing, multi-tier financing, etc. Given the current mandate, which was honoured in less than a quarter, we see DBS Bank as our partner for a longer run.”
The association of DBS and CredAble aligns with the Finance Minister’s intention of expanding credit facilities for small businesses whilst meeting the needs of large corporates and the associated SMEs/ MSMEs. This alliance will also give a chance to budding enterprises to enter the ecosystem and support the Aatmanirbhar initiative that the Govt. of India has been emphasizing upon.
Source: Business World