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  • ADB Signs Supply Chain Finance Deal With Bank of Georgia

    The latest news says the Asian Development Bank (ADB) has signed a supply chain finance deal with the Bank of Georgia to share around 50% of its risks related to supply chain finance transactions with the main purpose of strengthening financing and reducing supply chain management risks for SMEs.

    As per ADB, this is the very first time it has signed such a type of arrangement, which will bring two institutions together to determine a risk-sharing program for avoiding the risks of corporate non-payment in supply chain finance transactions.

    Steven Beck, head of the ADB’s trade and supply chain finance program (TSCFP) stated, “This deal expands our trade finance partnership with the Bank of Georgia that started in 2011 and will be stimulant in growing supply chain finance in the area.”

    Read more: https://www.axioscreditbank.com/blogs/adb-signs-supply-chain-finance-deal-with-bank-of-georgia

    #supplychainfinancetransactions #supplychainmanagement #AsianDevelopmentBank #supplychainfinance #financialinstitutions
    ADB Signs Supply Chain Finance Deal With Bank of Georgia The latest news says the Asian Development Bank (ADB) has signed a supply chain finance deal with the Bank of Georgia to share around 50% of its risks related to supply chain finance transactions with the main purpose of strengthening financing and reducing supply chain management risks for SMEs. As per ADB, this is the very first time it has signed such a type of arrangement, which will bring two institutions together to determine a risk-sharing program for avoiding the risks of corporate non-payment in supply chain finance transactions. Steven Beck, head of the ADB’s trade and supply chain finance program (TSCFP) stated, “This deal expands our trade finance partnership with the Bank of Georgia that started in 2011 and will be stimulant in growing supply chain finance in the area.” Read more: https://www.axioscreditbank.com/blogs/adb-signs-supply-chain-finance-deal-with-bank-of-georgia #supplychainfinancetransactions #supplychainmanagement #AsianDevelopmentBank #supplychainfinance #financialinstitutions
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  • GST as a credit risk assessment tool will help reduce NPAs for SMEs

    SMEs and MSMEs are the major growth engines of economies that rely on banks and financial institutions to help with their funding needs. Banks and financial institutions need solutions to help them navigate through multiple challenges of minimizing lending risks, securing data, streamlining credit operations, and safeguarding their profitability Mumbai: Inclusion of GST data as a parameter for credit risk assessment will help reduce NPAs for banks and financial institutions in SMEs and MSMEs lending. Talking to Bizz Buzz, Niraj Hutheesing, Founder and Managing Director of Cygnet Infotech, says:

    “All evaluations related to credit risk assessment and lending processes for SMEs/MSMEs now should also have indirect tax (GST data) as a parameter. This data allows lenders to monitor the credit worthiness for loan performance as an early warning, this will tremendously decrease the number of NPAs in the market.”

    As a differentiator Cygnet FinTech works on the data cash flow-based model that help lending institutions build a customer-centric model for credit underwriting. Since e-invoice is a mandate now, the invoice discounting/trade financing can be validated too. Banks want to focus on customers/prospects that are new to the space to generate more credit opportunities and give impetus to lending, and hence are collaborating more with fintech companies. Such fintech companies like Cygnet Fintech will enable these banks get consent-based data points from multiple data sources like ITR, MCA, GST, bank statements and more for analysing and making informed credit decisions, he said.

    Read more: https://articlesmaker.com/gst-as-a-credit-risk-assessment-tool-will-help-reduce-npas-for-smes/

    #SMEs #GST #creditriskassessmenttool #financialinstitutions #NPAs #CygnetFinTech #tradefinancing #NgulminthangLhanghal #Growtradefinance
    GST as a credit risk assessment tool will help reduce NPAs for SMEs SMEs and MSMEs are the major growth engines of economies that rely on banks and financial institutions to help with their funding needs. Banks and financial institutions need solutions to help them navigate through multiple challenges of minimizing lending risks, securing data, streamlining credit operations, and safeguarding their profitability Mumbai: Inclusion of GST data as a parameter for credit risk assessment will help reduce NPAs for banks and financial institutions in SMEs and MSMEs lending. Talking to Bizz Buzz, Niraj Hutheesing, Founder and Managing Director of Cygnet Infotech, says: “All evaluations related to credit risk assessment and lending processes for SMEs/MSMEs now should also have indirect tax (GST data) as a parameter. This data allows lenders to monitor the credit worthiness for loan performance as an early warning, this will tremendously decrease the number of NPAs in the market.” As a differentiator Cygnet FinTech works on the data cash flow-based model that help lending institutions build a customer-centric model for credit underwriting. Since e-invoice is a mandate now, the invoice discounting/trade financing can be validated too. Banks want to focus on customers/prospects that are new to the space to generate more credit opportunities and give impetus to lending, and hence are collaborating more with fintech companies. Such fintech companies like Cygnet Fintech will enable these banks get consent-based data points from multiple data sources like ITR, MCA, GST, bank statements and more for analysing and making informed credit decisions, he said. Read more: https://articlesmaker.com/gst-as-a-credit-risk-assessment-tool-will-help-reduce-npas-for-smes/ #SMEs #GST #creditriskassessmenttool #financialinstitutions #NPAs #CygnetFinTech #tradefinancing #NgulminthangLhanghal #Growtradefinance
    ARTICLESMAKER.COM
    GST as a credit risk assessment tool will help reduce NPAs for SMEs | Articles Maker
    SMEs and MSMEs are the major growth engines of economies that rely on banks and financial institutions to help with their funding needs. Banks and financial institutions need solutions to help them navigate through multiple challenges of minimizing lending risks, securing data, streamlining credit operations, and safeguarding their profitability Mumbai: Inclusion of GST data as […]
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  • Surecomp Debuts Duplicate Financing Fraud Prevention

    Surecomp is launching a new offering that uses advanced cryptographic technology to allow financial institutions (FIs) to lessen the risk of duplicate financing fraud, according to a Tuesday (April 12) press release.

    The new product features an invoice comparison process that helps to identify whether there is any suspicious activity detected against a specific invoice and ensure that no confidential information leaves the bank, the release says.

    “We’ve seen a dramatic rise in duplicate trade financing fraud, with billions of dollars being lost and many banks reviewing their appetite for risk which has further impacted the trade finance gap,” Surecomp SVP of Strategy and Business Development Enno-Burghard Weitzel said in the press release.

    “We believe that an effective fraud prevention solution is a must have for banks to sustain their trade finance business and therefore we’re offering this to all banks free of charge as an industry utility,” he said.

    Surecomp’s new tool looks for unrecognizable hashed crypto document fingerprints using a global validation database and allows any financier to check and compare trade documents without having to disclose any customer information.

    It also enhances the visibility of invoice status and promotes industry collaboration through a shared open API-based repository, according to the press release.

    Read more: https://ngulminthang.weebly.com/news/surecomp-debuts-duplicate-financing-fraud-prevention

    #SurecompDebuts #duplicatefinancingfraud #financialinstitutions #tradefinancingfraud #Ngulminthang #NgulminthangLhanghal
    Surecomp Debuts Duplicate Financing Fraud Prevention Surecomp is launching a new offering that uses advanced cryptographic technology to allow financial institutions (FIs) to lessen the risk of duplicate financing fraud, according to a Tuesday (April 12) press release. The new product features an invoice comparison process that helps to identify whether there is any suspicious activity detected against a specific invoice and ensure that no confidential information leaves the bank, the release says. “We’ve seen a dramatic rise in duplicate trade financing fraud, with billions of dollars being lost and many banks reviewing their appetite for risk which has further impacted the trade finance gap,” Surecomp SVP of Strategy and Business Development Enno-Burghard Weitzel said in the press release. “We believe that an effective fraud prevention solution is a must have for banks to sustain their trade finance business and therefore we’re offering this to all banks free of charge as an industry utility,” he said. Surecomp’s new tool looks for unrecognizable hashed crypto document fingerprints using a global validation database and allows any financier to check and compare trade documents without having to disclose any customer information. It also enhances the visibility of invoice status and promotes industry collaboration through a shared open API-based repository, according to the press release. Read more: https://ngulminthang.weebly.com/news/surecomp-debuts-duplicate-financing-fraud-prevention #SurecompDebuts #duplicatefinancingfraud #financialinstitutions #tradefinancingfraud #Ngulminthang #NgulminthangLhanghal
    NGULMINTHANG.WEEBLY.COM
    Surecomp Debuts Duplicate Financing Fraud Prevention
    Surecomp is launching a new offering that uses advanced cryptographic technology to help financial institutions to lessen the risk of duplicate financing fraud.
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