Non-banking finance company Muthoot FinCorp has picked Veefin Solutions Ltd as a technology partner to start supply chain finance operations in India.
Muthoot Fincorp will deploy Veefin's suite of solutions across all SCF products, which include onboarding suppliers and vendors, underwriting their loans and managing transactions on the Loan Management Solution.
"All of these are eventually complemented by comprehensive analysis using Veefin's Reporting and Business Intelligence solution," a joint statement said.
Supply chain finance helps buyers and suppliers optimise working capital by speeding up cash flow, Shaji Vargese, CEO - Muthoot FinCorp Ltd, said.
"Supply Chain Finance is the need of the hour to help MSMEs borrow using the safest form of lending possible today to avail credit customised to their requirements."
The tie-up will ensure a seamless process with contemporary technology, resulting in enhanced customer experience, he added.
Raja Debnath, Managing Director, Veefin Solutions Ltd, said, "I hope this partnership will help us become one of the largest players within the Supply Chain Finance market in the country."
BSE SME-listed Veefin Solutions is a global leader in Digital Supply Chain Finance.
Muthoot FinCorp Limited, the flagship company of 137-year-old business conglomerate Muthoot Pappachan Group, is India's leading Non-Banking Financial Company.
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