New Delhi, May 19 (IANS) Looking at the soaring demand of working capital within the various corporate supply chain programs, reimagining supply chain financing FinTech – CredAble is collaborating with HSBC India. This partnership sets a benchmark between a bank and a FinTech where the two parties operate in a joined up approach.
The collaboration will cater to the supply chain finance offerings together to keep pace with the growing requirements of Corporate India and yet solve for liquidity of SME/MSME sector in India, especially after the current circumstances that COVID-19 pandemic has put enterprises under. With the forces coming together, the strong capital base of HSBC India coupled with flexibility and technology prowess of CredAble will help penetrate deep and fast into Supply Chain Finance Programs to enable liquidity to vendor ecosystems and credit to small businesses in India. The alliance will structure innovative solutions for the ecosystem.
Commenting on the collaboration, Nirav Choksi, Co-founder and CEO, CredAble, said,”We are proud and honoured to have been selected to collaborate with HSBC India in a journey to create a unique solution to solve the working capital gap in India. HSBC India has been a front runner in Supply Chain Finance innovation as an industry leader and CredAble has been at the forefront structuring innovative and technology led solutions for Supply Chain and working capital financings.”
“This collaboration is a leading industry movement where the bank is undertaking platform risk by working closely with us, in spite of having own proprietary platform, thereby keeping customer at the heart of the solution enabling stability of a large MNC bank and nimbleness of a leading Fintech player”
The association of HSBC and CredAble will open opportunities for many enterprises in the Corporate India’s supply chains to expand their business and support the Aatmanirbhar initiative that Govt. of India has been emphasizing upon, the company said in a statement.
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