City Bank signs agreement to implement VEEFIN for Supply Chain Finance
City Bank signed an agreement recently with Infini Systems to implement VEEFIN, a solution for Supply Chain Finance. VEEFIN will enable City Bank to facilitate easy and instant finance to the suppliers and distributors of large corporates, through seamless supply chain finance transactions.
Under this arrangement, City Bank will invite large corporate and commercial clients to join the VEEFIN Supply Chain Finance platform and connect their suppliers and distributors. The selected suppliers and distributors will be able to raise financing requests from their computer or mobile phone applications without having to visit the bank's branches. They simply need to forward their supply and purchase requests to City Bank and will receive the money in their accounts.
Mashrur Arefin, Additional Managing Director of City Bank and Jigar Shah, Chief Operating Officer of Infini Systems signed the agreement on behalf of their respective organizations. Among others present were Adil Islam, Additional Managing Director, Kazi Azizur Rahman, DMD, Abdul Wadud, DMD and Aslam Uddin Bhuiyan, Head of Supply Chain Finance of City Bank.