Veefin Solutions Ltd announced a collaboration with Muthoot FinCorp to initiate its Supply Chain Finance (SCF) operations across the country. Muthoot FinCorp aims to empower its branches nationwide through this integration.
Veefin Solutions will serve as the technology partner for Muthoot FinCorp, providing Supply Chain Finance solutions. This includes facilitating the onboarding of suppliers and vendors, underwriting their loans using the Loan Origination Solution (LOS), and managing transactions through the Loan Management Solution (LMS). Additionally, Veefin’s Reporting & Business Intelligence solution will offer analysis capabilities.
Shaji Vargese, CEO - Muthoot FinCorp Ltd, said “Beginning our Supply Chain Finance journey is another step towards solidifying our commitment to our mission in providing timely credit to millions of MSME entrepreneurs in the country. Supply Chain Finance is the need of the hour to help MSMEs borrow using the safest form of lending possible today to avail credit customised to their requirements.”
However, the shares were down by 3.61 per cent to ₹302 at 12.25 pm on the BSE.