State Bank of India subsidiary SBI Global Factors (SBIGFL) has announced a strategic business partnership with Mumbai-headquartered CredAble, a supply chain financing fintech that has developed a digital banking platform to help vendors, distributors and dealers identify capital financing opportunities.

The partnership aims to transform domestic and export factoring, reverse factoring and letter of credit (L/C) bill discounting transactions.

Partner overviews

Established in 2017, Credable works with various types of financial institutions including banks, micro-finance institutions, and credit funds to enable an array of digital banking products.

SBIGFL provides domestic and export factoring services under one roof. It is headquartered in Mumbai with nine branches across India.

Digital referral system

"Within this partnership framework, SBIGFL and CredAble have established referral arrangements spanning domestic and export factoring, reverse factoring, and L/C [and] bank guarantee backed bill discounting transactions," explains SBIGFL's managing director and CEO, Bharat Kumar Mishra.

"These referral arrangements span a spectrum of financial services, leveraging CredAble's tech-driven approach and digital underwriting capabilities for fast and efficient borrower onboarding," he adds.

Market opportunities

The collaboration with SBIGFL represents a significant opportunity for CredAble' to expand its lending operations and reach new milestones in the financial services landscape, according to a statement issued by the fintech.

CredAble also reckons the partnership with allow it to leverage SBIGFL's extensive market presence and expertise.

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