Veefin Solutions, Central Bank of India announce technology partnership

Veefin Solutions Ltd’s shares were up by 1.30 per cent after the company announced that it partnered with Central Bank of India to launch its supply chain financing operations. Veefin Solutions will serve as the sole technology vendor for the bank, providing an end-to-end SCF stack to support the bank’s SCF offerings. This collaboration will enable the bank to offer fully digital onboarding, sanctioning, and 24×7 disbursement processes to their corporate and SME customers through Veefin’s Loan Origination System (LOS) and SCF Loan Management System.

VV Natrajan, GM, Central Bank of India, said, “With SMEs contributing 30 per cent to the GDP and the government aiming to increase this to 50 per cent, this initiative aims to facilitate growth within this ecosystem. SCF has proven to be a form of SME lending that can help SMEs grow rapidly and thus increase their contribution to the economy.”

Raja Debnath, Managing Director, Veefin Solutions, said, “We are delighted to add Central Bank of India to our ever growing roster of public sector banks using our SCF solution in India. The Central Bank of India team has been very supportive through this entire process and we are confident that the bank’s leadership will be able to set new benchmarks for the bank in SCF. Most of the lenders in India in SCF use Veefin to power their business. This experience will allow the bank to rapidly launch its SCF business.”

Veefin’s shares closed 0.98 per cent higher at ₹310 on the BSE. Central Bank of India’s shares closed 0.36 per cent lower at ₹63.20 on the BSE.