CredAble, a trade finance FinTech platform, has teamed with DBS Bank India to increase liquidity and improve working capital finance of SMEs, MSMEs, and firms in the corporate supply chain on a day-to-day basis.
The partnership supports the Finance Minister’s goal of expanding credit facilities for small businesses while also fulfilling the demands of large corporations and their related SMEs and MSMEs. This cooperation will also provide opportunities for new businesses to enter the ecosystem and help the government of India’s Aatmanirbhar project.
The agreement will facilitate cash flow and allow credit facilities to quickly penetrate deep into the country’s supply networks and structure unique ecosystem solutions and provide beneficiaries with a variety of programmes.
In response to the partnership, Nirav Choksi, the co-founder and CEO of CredAble, remarked, “We are elated to partner with DBS Bank and create customisable solutions in order to resolve the working capital gap in India. DBS Bank has a huge presence in trade and supply chain finance across countries, predominantly via working capital services for exports and SMEs”.
Divyesh Dalal Head of Global Transaction Services, DBS Bank India stated, “At DBS, we have always believed in enabling tech platforms and partnering with agile, like-minded players in the segment to deliver innovative financing solutions to customers. We expect this partnership to equip the supply chains with flexible and tailor-made solutions by leveraging CredAble’s technology prowess, making the entire process nimble. Further, DBS’ quick turnaround on financing requests will enable supply chain requirements across a wide spectrum of ecosystems. We will continue to work and innovate with CredAble to meet the evolving financing needs of various industries.”