Credit and Finance for MSMEs: DBS Bank India announced its partnership with a SaaS-based solutions provider, eSamudaay on Wednesday to offer cash management solutions to MSMEs that are conducting business through Open Network for Digital Commerce (ONDC), as per an official statement released by the bank.
The rationale is to leverage data from eSamudaay digital solutions and analyse the end users’ requirements to offer MSMEs customised credit and cash management products for managing collections, payments, payroll, liquidity management, and financial products, the statement added.
The new offering will be piloted in South Indian cities of Udupi, Thanjavur, Mangalore and Mysore this year. The plan is to offer these solutions to MSMEs in 24 cities across India and manage cash flows of the entire supply chain.
Divyesh Dalal, Managing Director and Head at the Global Transaction Services at DBS Bank India, said that the partnership will help in empowering MSMEs beyond metro and tier-1 markets and in offering financial solutions to local businesses.
The software as a service provider, eSamudaay provides digital solutions to the buyers and sellers to make doing business on the Open Network for Digital Commerce (ONDC) convenient for smaller players.
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Meanwhile, the financial services group, DBS recently partnered with Gofrugal Technologies to help SMEs catalogue their products and expand their sales channels through ONDC. Earlier, the bank launched a digital and paperless trade financing solution for freight forwarders that leverages Electronic Way (eWay) bill verification for digitalising and simplifying trade transactions.
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