In a significant step towards transforming MSME financing in India, four leading public sector banks Bank of Baroda, Central Bank of India, Indian Overseas Bank, and UCO Bank have signed up for the world's largest unified Supply Chain Finance (SCF) platform, PSBXchange by PSB Alliance, developed and powered by Veefin Solutions. This collaboration marks a critical milestone in enabling broader financial inclusion for MSMEs in the country.
This platform is on track to become the common technology bridge for all banks and NBFCs in the country to source and provide supply chain finance and small business loans. This unified platform is a global-first that will connect Fintechs, B2B marketplaces, Accounting Service Providers, new-age data providers with the core banking system of multiple lenders.
As India's MSMEs form the backbone of its economy, this collaboration between the PSB Alliance and Veefin will play a pivotal role in supporting their financial needs, ensuring they are not left behind in the digital transformation of credit delivery.