The partnership between FECPL and SCB includes many other initiatives, aimed at establishing a permanent and sustainable financing model in line with the State Bank’s objectives. This enables small businesses that are otherwise unable to offer security/collateral, to access bank financing at attractive rates.
Imran Husain, Chief Financial Officer for FCEPL, said: “This digital collaboration will yield positive results in allowing vendors and service providers to avail this promising opportunity to effectively overcome their short-term liquidity requirements by gaining collateral-free (clean) financing with FCEPL & SCB playing the strategic roles of the anchor & financer.”
Arslan Nayeem, Head, Client Coverage, CCIB, Standard Chartered Bank, while underlining the importance of digital supplier financing solution said, “Deployment of such cutting-edge products is enabling our bank to partner with clients and facilitate growth for integral sections of the economy, particularly the small and medium-sized businesses, which are in dire need of quick and cost-effective financing to sustain andgrow their businesses.”
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