Mumbai, April 25, 2018: Leading Digital Invoice Discounting platform Invoicemart announced execution of the first factoring transaction by DBS Bank India. This partnershipf urther opens up new modes of financing which have come in the form of online digital invoice discounting.
On this occasion, Mr. Kalyan Basu, CEO& MD of A. TREDS Ltd.(owner &operator of Invoicemart), said,“With addition of DBS, we are adding an internationally reputed financial institution to our already growing list of Financiers. DBS is a reputed foreign bank which understands the dynamics of the factoring business. We are excited to have them as a partner and look forward to a long and fruitful association.”
Globally, factoring is a USD 3 trillion industry and India’s participation in it is minuscule. The initiative of RBI in providing an alternate source of finance to MSMEs is not only commendable but also a big boon to the cash starved MSMEs, the backbone of the economy.Financiers play the crucial role of providing liquidity to MSMEs and their commitment is crucial for the success of the TReDS model.
Roshan Mathew, Head- Transaction Banking, DBS Bank, said, “Throughout the world, banking is seeing a tech enabled transformation. DBS is at the forefront of challenging the way banking has operated traditionally and worked towards doing things differently using technology innovatively. Similarly platforms like Invoicemart are changingthe age old business models with online factoring. This platform will provide transparent, competitively priced and speedier trade financing access to Indian companies especially SMEs, helping them improve their cash flows by monetizing their receivables.”
HarshaSaksena, Head Treasury, Future Retail Limited, said, “TReDS is a clear win-win model for us and our MSME suppliers, it allows our suppliers to get their payments instantly. Along with automation of the payment process, it results in significant savings in the form of interest costs. Our country is at an inflection point and corporate India needs to contribute towards strengthening the economy. At Future Group we are committed to adding more and more of our supplier base to the platform.”
Invoicemart along with other TReDS exchanges had recently implemented the first ever enterprise blockchain solution.This solution has ensured that duplicate financing is prevented, while ensuring confidentiality of client information.
Mr. Kalyan Basu added, “As the platform is growing at a rapid pace, we are constantly taking feedback and enhancing its capabilities, apart from the blockchain implementation which is aimed at preventing frauds.In this financial year we will integrate with GSTN which will allow MSMEs to build credit history through an alternate source. All these initiatives work towards building customer credibility and trust in TReDS.”
Corporate Comm India(CCI Newswire)
