Muthoot FinCorp Joins Forces with Veefin Solutions for Supply Chain Finance Operations
Non-banking finance company Muthoot FinCorp has forged a strategic alliance with Veefin Solutions Ltd, a BSE SME-listed global leader in Digital Supply Chain Finance, to launch supply chain finance (SCF) operations in India. This collaboration aims to leverage Veefin's technology solutions to streamline various aspects of SCF products offered by Muthoot Fincorp.
Veefin's suite of solutions will be deployed across all SCF operations, encompassing tasks such as supplier and vendor onboarding, loan underwriting, and transaction management using the Loan Management Solution. Additionally, Veefin's Reporting and Business Intelligence solution will provide comprehensive analysis to enhance decision-making processes.
Shaji Vargese, CEO of Muthoot FinCorp Ltd, emphasized the significance of supply chain finance in optimizing working capital for both buyers and suppliers. He highlighted the crucial role SCF plays in accelerating cash flow and providing Micro, Small, and Medium Enterprises (MSMEs) with a secure avenue for borrowing, tailored to their specific needs.
The partnership aims to deliver a seamless and contemporary customer experience by integrating advanced technology into the SCF process. By adopting Veefin's digital solutions, Muthoot FinCorp aims to provide MSMEs with a safe and efficient means of accessing credit.
Raja Debnath, Managing Director of Veefin Solutions Ltd, expressed optimism about the collaboration, envisioning their joint efforts propelling them to become a major player in the Supply Chain Finance market in India. This partnership reflects Muthoot FinCorp's commitment to staying at the forefront of technological advancements in the financial sector.
Muthoot FinCorp Limited, a leading Non-Banking Financial Company (NBFC) in India, is the flagship entity of the Muthoot Pappachan Group, a business conglomerate with a legacy spanning 137 years. Through this collaboration, Muthoot FinCorp aims to reinforce its position in the financial landscape by offering innovative and tech-driven solutions to meet the evolving needs of businesses in India.
