Public sector bank alliance has selected this company to implement unified cloud-based supply chain finance ecosystem, do you own it?
The stock has delivered an impressive 89 per cent return within one month.
Veefin Solutions Limited announced in its latest exchange filing that the PSB Alliance has selected the company to implement and manage a groundbreaking Unified Cloud-based Supply Chain Finance (SCF) ecosystem.
As per the detail in the report, the PSB Alliance, formed by India's 12 Public Sector Banks (PSBs), has chosen Veefin Solutions to implement and oversee an innovative SCF ecosystem within the country. The cloud-based platform is set to go live during the current financial year.
This marks a historic moment as it's the first instance worldwide where numerous major banks have united to establish an SCF and SME finance ecosystem, providing SME customers with financing options through various Fintechs and B2B marketplaces.
This initiative by the PSB Alliance aligns with the Indian government's ongoing efforts to encourage PSBs to develop technological solutions that streamline the credit decision-making process and facilitate loan disbursements to the MSME segment.
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The company’s unified digital platform will standardize all interactions and enhance credit requests with cutting-edge data and analytics, while also connecting lenders' core banking systems with corporate and SME sourcing partners such as Fintechs, B2B marketplaces, SME account service providers, and e-invoicing platforms.
PSB alliance is an umbrella entity set up and owned by all 12 public sector banks with the objective of undertaking common IT and business processes.
It includes Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab National Bank, Punjab & Sind Bank, State Bank of India, UCO Bank and Union Bank.
Veefin Solutions Limited is a global leader in Digital Supply Chain Finance. Listed on BSE SME, the company is reimagining Supply Chain Finance and digital Lending through innovative, agile & composable technology.
It builds white-labeled Supply Chain Finance and Digital Lending solutions for Banks, Financial Institutions, Fintechs, B2B marketplaces, and Corporates.
It has customers across Asia, Africa, and the Middle East. The tech company has partnered with Banking and fintech Leaders in more than 20 countries to further expand their reach with a theme of 'Think Global. Act Local.'
On Friday, the stock opened at Rs 243.70 per share and closed at Rs 251 on the BSE, with the company's current market capitalization standing at Rs 532 crore. Additionally, the stock has delivered an impressive 89 per cent return within one month.
Investors must keep this stock on their radar.
Disclaimer: This article is for informational purposes only and not investment advice