Veefin Solutions, an Indian technology company specialising in digital lending and supply chain finance solutions, has announced the acquisition of TradeAssets, a digital trade finance platform.

This acquisition aims to significantly bolster Veefin's capabilities, particularly in enhancing its letter of credit (L/C) offerings, thereby enabling the Indian firm to provide more comprehensive solutions to its clientele.

Innovative digitalisation

Veefin says it has acquired TradeAssets for its innovative approach to digitalising trade finance processes, offering a platform that facilitates seamless transactions between financial institutions.

By integrating TradeAssets' platform into its existing suite of services, Veefin aims to streamline the traditionally complex procedures associated with L/Cs, making them more efficient and user-friendly.

Market positioning

The incorporation of TradeAssets' digital platform is anticipated to automate many cumbersome L/C processing tasks, reduce the need for extensive documentation and manual verification, while shortening processing times.

Veefin says the acquisition aligns with its broader strategy to leverage technology to address the evolving needs of the trade finance sector. By enhancing its L/C offerings, Veefin is positioning itself to better serve businesses engaged in international trade, providing them with the tools necessary to navigate the complexities of global commerce.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.