Bank of Baroda, Central Bank of India, Indian Overseas Bank & UCO Bank Have Signed Up for World’s Largest SCF Platform through PSBXchange; Powered by Veefin
The stock is up by 16 per cent from its 52-week low of Rs 256.10 per share.
Today, shares of Veefin Solutions Ltd were locked in a 5 per cent upper circuit at Rs 296.20 per share from its previous closing of Rs 282.10 per share. The stock’s 52-week high is Rs 753.90 and its 52-week low is Rs 256.10.
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 by PSB Alliance, developed and powered by Veefin Solutions. This collaboration marks a critical milestone in enabling broader financial inclusion for MSMEs in the country.
This 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. This unified platform is a global-first that will connect Fintechs, B2B marketplaces, Accounting Service Providers and new-age data providers with the core banking system of multiple lenders.
As India’s MSMEs form the backbone of its economy, this collaboration between the PSB Alliance and Veefin will play a pivotal role in supporting their financial needs, ensuring they are not left behind in the digital transformation of credit delivery.
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About the Company
Veefin Solutions Limited (Veefin) is a global leader in Digital Supply Chain Finance. Listed on BSE SME, the company is reimagining supply chain finance & digital lending through its white-labelled supply chain finance and lending solutions, including end-to-end lending stack, smart credit decisions, business intelligence, analytics & omnichannel onboarding for banks, financial institutions, fintech, b2b marketplaces and corporates. Incorporated in 2020, Veefin is headquartered in Mumbai with offices in Dhaka (Bangladesh), Ahmedabad, & Dubai.
The company has a market cap of over Rs 700 crore with an ROE of 17 per cent and an ROCE of 22 per cent. The stock is up by 16 per cent from its 52-week low of Rs 256.10 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.