Muthoot FinCorp collaborates with Veefin Solutions for supply chain finance

13 Mar 2024 , 01:32 PM

Non-banking finance business Muthoot FinCorp has chosen Veefin Solutions Ltd as a technology partner to launch supply chain financing (SCF) activities in India. Muthoot Fincorp will use Veefin’s range of solutions for all SCF products, including onboarding suppliers and vendors, underwriting loans, and managing transactions using the Loan Management Solution.

All of these are eventually complemented by comprehensive analysis using Veefin’s Reporting and Business Intelligence solution, the two companies stated in a joint statement.

According to Shaji Vargese, CEO of Muthoot FinCorp Ltd, supply chain financing helps buyers and suppliers improve working capital by increasing cash flow.

The current demand necessitates Supply Chain Finance as a crucial means for MSMEs to secure loans through the safest lending method available today, tailored to their specific credit needs. The partnership aims to streamline processes through contemporary technologies, leading to an enhanced customer experience, he added.

The collaboration aims to streamline operations using cutting-edge technology, leading to an improved customer journey, according to the statement. Raja Debnath, Managing Director of Veefin Solutions Ltd, expressed optimism that this alliance will position the company as a major player in the country’s Supply Chain Finance market.

BSE SME-listed Veefin Solutions (Veefin) is the global leader in digital supply chain finance.

Muthoot FinCorp Limited, the flagship firm of the Muthoot Pappachan Group, a 137-year-old commercial conglomerate, is India’s largest non-banking financial enterprise.

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