iGTB has implemented a comprehensive supply chain finance platform for Bank of Baroda, India’s International Bank.
With a $418 billion finance gap in the Indian SME sector alone, the roll-out of the digital platform will extend new financing and working capital opportunities to the bank’s numerous clients – and their partners – expected to boost the number of digital transactions across the nation. Prime Minister Narendra Modi’s “Digital India” initiative – which aims to drive economic development through wide-ranging digital transformation across the country – has set an ambitious target of reaching 25 billion digital transactions in 2017-18.
Furthermore, increasing trade across a country rapidly establishing itself on the global stage is a high priority – India’s exports of $261 billion are up by 47.7 per cent since 2009, and its internal trade as a proportion of GDP is at a healthy value of 54 per cent.
Finally, by supporting the bank’s manufacturing clients across the country, the platform is helping Modi’s “Make in India” initiative become a reality – transforming India’s economy into to a world-class manufacturing hub.
The news was covered in a number of specialist and tier-one outlets: Asian Banker, Asian Banking and Finance, Business Standard, PYMNTS, Banking Technology, Finextra, FTSE Global Markets, IBS Intelligence, The Paypers, TXF, TRF News, GB&FR, Fintech Finance, Fintech Time, Finance Digest, Indian Commodity, Capital Market, IBV, India Info Online, Investment Guru India, Religare Broking, Supply Chain Log.