City Bank introduces fully digital 'Supply Chain Finance and Distributor Finance Facility'
City Bank today announced the launch of its fully digital 'Supply Chain Finance and Distributor Finance Facility', a client-centric, secure, end-to-end solution that will help companies in Bangladesh in doing business with efficiency and transparency.
Both supply chain finance and distributor finance are popular products in the developed countries and to keep pace with the globalization, the bank has introduced these products in online platform to strengthen the backward and forward linkage of the corporate. These technology-based business and financing processes will help linking various parties including the buyer, supplier and financing institution in a transaction to lower financing costs and improved business efficiency. By availing the solutions, the suppliers get the benefit of receiving their payments as soon the invoices are approved. Similarly, the buyers will also enjoy benefits of increased liquidity and improved working capital.
This platform will enable thousands of SME businesses to access easy finance particularly short-term working capital requirement along with many other banking facilities under one umbrella across the country. Top corporates like Apex Footwear Ltd. and EON Group has already using this online platform and the bank has signed agreement with Pran-RFL Group for the same.
Sohail R. K. Hussain, Managing Director and CEO of the bank welcomed the guests and inaugurated the launch. Mashrur Arefin, Additional MD of the Bank also spoke in the occasion and explained how these solutions will help companies in Bangladesh. The event was also attended by Sheikh Mohammed Maroof, DMD & Head of Wholesale Banking, Md. Abdul Wadud, DMD & CRO, Kamrul Mehedi, Head of Small Business, Aslam Uddin Bhuiyan, Head of Supply Chain Finance of City Bank, Syed Alamgir, Managing Director, ACI Foods Limited, Uzma Chowdhury, Director, Corporate Finance, PRAN-RFL Group, Dr. Momenul Haq, Managing Director, General Pharmaceuticals Ltd. Momin Ud Dowlah, Managing Director, EON Group along with few other renowned business leaders of the country.