The Veefin Group makes its foray into Sri Lanka, partners with IWS Holdings

The Veefin Group, a global leader in Working Capital Technology solutions, has announced a strategic partnership with IWS Holdings in Sri Lanka to usher in a new era of digital transformation for the country's financial institutions.

The Veefin Group offers a one-of-its-kind Working Capital Technology Platform, each component of which offers modular and scalable solutions that help businesses optimise and manage Working Capital better. The Veefin product suite consists of Supply Chain Finance, Trade Finance, Cash Management, a Digital Lending Suite, and many more. Veefin will be present at the Sri Lanka Fintech Summit in Colombo on September 24th - 25th, in response to significant interest from leading financial institutions across the region seeking to partner with Veefin as their technology provider.

"Sri Lanka's banking and financial sectors are poised for digital acceleration," said Mr. Arthur Senanayake, Chairman of IWS Holdings. "Our partnership with Veefin reflects our commitment to introducing cutting-edge global technology to Sri Lanka. We believe this launch will empower local financial institutions to compete on a global stage."

Veefin has already seen success in markets across Asia, Africa, and the Middle East. In India, the company is working with the Ministry of Finance and is also set to launch the World's Largest Unified SCF Ecosystem called the PSBXchange, this platform will act as the common technology bridge in the country seamlessly connecting lenders and borrowers in the ecosystem on one single platform.

"Sri Lanka is at the cusp of a digital finance revolution," said Raja Debnath, Chairperson and Managing Director of the Veefin Group. "Over 40% of SMEs in Sri Lanka remain unserved by formal financial institutions, highlighting a significant credit gap. With MSMEs making up over 75% of businesses and contributing more than 50% to the country's GDP, we are introducing a platform that empowers banks and lenders to efficiently serve MSMEs and corporates with scalable, fully digital solutions."

Early conversations with some of Sri Lanka's leading banks have already begun, with strong interest shown in Veefin's offerings. While specific names cannot be disclosed due to existing non-disclosure agreements (NDAs), a number of them have expressed enthusiasm about the potential for digital collaboration.

Shares of Veefin Solutions Limited was last trading in BSE at Rs. 402.30 as compared to the previous close of Rs. 406.10. The total number of shares traded during the day was 72600 in over 127 trades.

The stock hit an intraday high of Rs. 410.00 and intraday low of 398.00. The net turnover during the day was Rs. 29421370.00.

Source : Equity Bulls

Keywords

VeefinSolutions INE0Q0M01015 ITEnabledServices SriLanka Partnership IWSHoldings