Vayana Network connects corporates and their trade ecosystems to provide digital, convenient and affordable access to credit for their payables and receivables.
PUNE:Bank of Maharashtra(BoM)has entered into a strategic partnership with Vayana Network to offer financial support to the MSME sector. Through this association, BoM will provide short term credit to meet funding requirements of dealers of corporates via “Mahabank Channel Financing Scheme” launched by the bank, through Vayana Network’s expertise in this segment.
Under the partnership, Vayana Network will provide its Supply Chain Financing solutions (SCF) to the bank supported by Vayana’s technology and service expertise. The SCF solutions will include vendor and dealer financing programs across bank’s network of 1,870 branches across the country. Vayana Network’s proprietary tech platform will help to digitize the transactions of Supply Chain Financing, while the market services will help to increase penetration in the under-served MSME segment.
In a statement, AS Rajeev, MD & CEO of Bank of Maharashtra said, “We believe in the power of partnerships, and hence have tied up with Fintechs to launch innovative digital offerings. Through this partnership with Vayana, we look forward to offer a digital financing experience to our MSME customers, suppliers and distributors of leading corporates.”
“MSMEs are the backbone of our economy and Bank of Maharashtra is committed to support their recovery and growth in a post pandemic world. Easy and affordable access to working capital is critical to make supply chains resilient and to boost the mission of Atmanirbhar Bharat. The tie-up with Vayana has enabled go-to-market for the Bank and we look forward to adding a robust portfolio within our MSME business through Channel Financing Scheme,” said Hemant Tamta, Executive Director of Bank of Maharashtra, in a statement.
Ram Iyer, Founder and CEO, Vayana Network, in a statement said, “Supply Chain Finance or Trade Finance has become a critical vehicle for affordable MSME loans. It has especially gained more traction in the post COVID era as both corporates and their MSME supply chains aim to streamline their working capital cycles and liquidity. At this juncture, MSMEs are looking to rebound in 2021 and the ease to access finance is the need of the hour. Our partnership with Bank of Maharashtrawill help them to rapidly scale up the SCF portfolio supported by our tech platform at virtually zero risk.”
Vayana Network has enabled over $6 billion (Rs. 45,000 crores) in trade finance for 300 supply chains in 25 different industries. The company connects corporates and their trade ecosystems to provide digital, convenient and affordable access to credit for their payables and receivables. Vayana has processed over 1.7 million transactions and offers a zero-change experience to customers. It is present in 600 cities in India and 20 countries across the globe.