C2FO has unveiled the debut of C2treds, its pioneering national platform aimed at broadening access to working capital for all micro, small, and medium enterprises (MSMEs) in India. This development positions C2FO as the latest and sole US-based fintech to participate in the Trade Receivables Discounting System (TReDS), distinguishing itself as the first platform of its kind offering both Early Pay and TReDS benefits to Indian MSMEs.

C2treds, an RBI-approved TReDS platform by C2FO, marks a significant advancement for the world’s on-demand working capital platform.

The growing attention toward C2FO from global organizations underscores its unique capabilities in addressing the requirements for sustainable and inclusive global economic growth. At the 2023 G20 Summit in New Delhi, a major policy paper presented by the Business 20 (B20) cited C2FO as a key driver in enhancing access to capital, crucial for the prosperity of businesses and supply chains. This marks the second consecutive year that C2FO has received such recognition at the G20 Summit.

CEO and founder Alexander “Sandy” Kemper was a featured panelist and speaker at the 2023 Global SME Finance Forum in Mumbai, India. He discussed the importance of providing capital to small and midsize firms globally and outlined how C2FO can contribute to realizing this vision. C2treds represents a significant step toward fulfilling C2FO’s vision.

TReDS serves as an electronic platform facilitating the financing and discounting of MSMEs’ trade receivables through multiple financiers. C2treds is only the fifth entity to receive approval from the Reserve Bank of India (RBI) to date.

C2treds commenced operations in early May in collaboration with India’s largest bank, State Bank of India (SBI), with Dabur India Ltd. among its inaugural participants.

“We are committed to addressing the challenges faced by MSMEs in every nation,” stated Basant Kaur, C2FO’s Country Head in India. “The nearly 200,000 suppliers currently on our network in India recognize that partnering with C2FO means collaborating with a globally recognized leader committed to fostering opportunities for businesses. By providing liquidity through C2treds and C2FO, businesses, especially MSMEs, will contribute to and create thousands of jobs crucial for countries like India to sustain their rapid economic growth.”

Following its first-quarter reporting, C2FO also announced surpassing a significant milestone of over $350 billion in working capital funding to suppliers worldwide since 2010. During this period, the fintech facilitated $17 billion in early payments, with $1.4 billion directed toward women- and minority-owned businesses.

Source: prnewswire.com

Chiba Bank, a regional bank dedicated to serving the communities and businesses within Japan’s Chiba prefecture, has entered into a partnership with Moneythor to enhance personalized banking experiences. Through this collaboration, Chiba Bank aims to offer tailored services to its customers.

Utilizing Moneythor’s financial services personalization engine, Chiba Bank will integrate advanced features into its Chibagin app. This app enables users to perform various banking tasks such as checking account balances, transferring funds, making deposits, conducting loan transactions, and paying taxes and utility bills—all without the need to visit one of the bank’s 181 branches across Japan.

Moneythor’s engine deployment promises to provide app users with personalized insights tailored to their unique preferences. These insights encompass money management, savings capabilities, and cash flow predictions, enriching the overall digital banking experience.

Chiba Bank anticipates that this technology will foster stronger connections with its customers and enhance their digital banking journey. Moreover, Moneythor’s extensive global experience is seen as a valuable asset, offering financial insights and best practices to further refine the bank’s digital banking offerings.

As a self-designated engagement banking group with significant assets, Chiba Bank has been implementing a mid-term plan since April last year. This plan focuses on evolving its customer-focused business model through personalized proposals, enhancing existing business models, and exploring new business areas. The bank aims to achieve these objectives by March 31, 2026.

Hideki Shibata, Executive Officer and General Manager of the Digital Strategies Unit at Chiba Bank, believes that the adoption of the Moneythor engine will empower customers with personalized insights and recommendations aligned with their interests. This initiative reflects the bank’s commitment to providing personalized, seamless, and engaging digital experiences, thereby fostering a sense of community among its customers and catering to their evolving digital needs.

Source: fintechfutures.com

barq, a fintech application, and TerraPay, a global money transfer company, have formed a strategic partnership to offer rapid and secure international money transfer services. This collaboration harnesses TerraPay’s expansive global payments network, aligning with barq’s objective of broadening its service portfolio to meet the increasing demands of the fintech sector.

TerraPay and barq Forge Alliance

The partnership is poised to strengthen barq’s capabilities in providing efficient financial services both domestically within Saudi Arabia and internationally. This development comes on the heels of barq obtaining a license from the Saudi Central Bank in January.

Ahmed Alenazi, CEO of barq, expressed his enthusiasm, stating: “We are thrilled to partner with TerraPay to enhance our international money transfer services. This collaboration underscores our commitment to innovation and ensuring customer satisfaction.”

Ani Sane, Co-Founder & Chief Business Officer at TerraPay, remarked: “This partnership is more than just another agreement; it exemplifies our dedication to supporting promising initiatives in Saudi Arabia like barq. Through this collaboration, we aim to deliver swift, efficient, and secure international money transfer services that adhere to global standards.”

Developed in Riyadh, barq is expected to make a significant impact on Saudi Arabia’s fintech landscape with its services, secure payment methods, and experienced team.

Ani Sane’s comments reflect the shared commitment of both companies to deliver high-quality financial services and contribute to the advancement of the fintech sector in Saudi Arabia.

Source: financemagnates.com