Indian Bank has signed up for the world’s largest SCF platform through PSBXchange, powered by Veefin

On Friday, shares of Veefin Solutions Ltd plunged 0.46 per cent to Rs 336.90 per share from its previous closing of Rs 338.45 per share. The stock’s 52-week high is Rs 753.90 and its 52-week low is Rs 256.10.

In a pivotal move to revolutionise MSME financing in India, Indian Bank has officially joined PSBXchange, the world's largest unified Supply Chain Finance (SCF) platform. Developed and powered by Veefin Solutions, PSBXchange by PSB Alliance represents a significant milestone in fostering greater financial inclusion for Micro, Small, and Medium Enterprises across the nation. This innovative platform is set to serve as a common technological bridge, connecting all banks and NBFCs in India, enabling them to source and provide SCF and small business loans seamlessly. Furthermore, it is a global first that will integrate Fintechs, B2B marketplaces, Accounting Service Providers, and emerging data providers directly with the core banking systems of multiple lenders.

About the Company

Veefin Solutions Limited (Veefin) is a global leader in Digital Supply Chain Finance. Listed on BSE SME, the company is reimagining supply chain finance & digital lending through its white-labelled supply chain finance and lending solutions, including end-to-end lending stack, smart credit decisions, business intelligence, analytics & omnichannel onboarding for banks, financial institutions, fintech, b2b marketplaces and corporates. Incorporated in 2020, Veefin is headquartered in Mumbai with offices in Dhaka (Bangladesh), Ahmedabad, & Dubai.

The company has a market cap of over Rs 800 crore with an ROE of 17 per cent and an ROCE of 22 per cent. The stock is up by 31.55 per cent from its 52-week low of Rs 256.10 per share.

Disclaimer: The article is for informational purposes only and not investment advice.