The Veefin Group makes its foray into Sri Lanka; partners with IWS Holdings to Power Digital Transformation in the country BFSI sector

Colombo, Sri Lanka – [Insert Date] — The Veefin Group, a global leader in Working Capital Technology solutions, has announced a strategic partnership with IWS Holdings in Sri Lanka to usher in a new era of digital transformation for the country’s financial institutions.

The Veefin Group offers a one-of-its-kind Working Capital Technology Platform, each component of which offers modular and scalable solutions that help businesses optimise and manage Working Capital better. The Veefin product suite consists of Supply Chain Finance, Trade Finance, Cash Management, a Digital Lending Suite, and many more. Veefin will be present at the Sri Lanka Fintech Summit in Colombo on September 24^th – 25^th, in response to significant interest from leading financial institutions across the region seeking to partner with Veefin as their technology provider.

 “Sri Lanka’s banking and financial sectors are poised for digital acceleration,” said Mr. Arthur Senanayake, Chairman of IWS Holdings. “Our partnership with Veefin reflects our commitment to introducing cutting-edge global technology to Sri Lanka. We believe this launch will empower local financial institutions to compete on a global stage.”

Veefin has already seen success in markets across Asia, Africa, and the Middle East. In India, the company is working with the Ministry of Finance and is also set to launch the World’s Largest Unified SCF Ecosystem called the PSBXchange, this platform will act as the common technology bridge in the country seamlessly connecting lenders and borrowers in the ecosystem on one single platform.

"Sri Lanka is at the cusp of a digital finance revolution," said Raja Debnath, Chairperson and Managing Director of the Veefin Group. "Over 40% of SMEs in Sri Lanka remain unserved by formal financial institutions, highlighting a significant credit gap. With MSMEs making up over 75% of businesses and contributing more than 50% to the country's GDP, we are introducing a platform that empowers banks and lenders to efficiently serve MSMEs and corporates with scalable, fully digital solutions."

Early conversations with some of Sri Lanka’s leading banks have already begun, with strong interest shown in Veefin’s offerings. While specific names cannot be disclosed due to existing non-disclosure agreements (NDAs), a number of them have expressed enthusiasm about the potential for digital collaboration.

About Veefin Group

The Veefin Group of Companies is on a mission to build the World’s Largest Working Capital Ecosystem. Veefin Group addresses every aspect of optimizing Working Capital, by offering solutions across end-to-end digital Supply Chain Finance, Digital identity verification and automated financial statement analysis, debt securitization, cash management, trade finance, automated Accounts Receivable (AR) & Accounts Payable (AP) and software consulting and services by deploying innovative, agile & scalable technology.  Veefin Group also builds white-labelled Supply Chain Finance and Digital Lending solutions including end-to-end Lending Stack, Smart Credit Decisioning, Business Intelligence, Analytics and Omni-channel Onboarding for Banks, Financial Institutions, Fintechs, B2B marketplaces, and Corporates. Part of the Veefin Group of companies, Veefin Solutions Ltd. the parent Company is listed on BSE SME. Incorporated in 2020, Veefin Group is headquartered in Mumbai, India with offices in Singapore, Dubai & Bangladesh.

Website: www.veefin.com

About IWS Holdings

IWS Holdings is a diversified Sri Lankan conglomerate with business interests spanning logistics, aviation, media, telecommunications, and the automobile sector. The group has a longstanding track record of introducing international innovation and strategic partnerships to Sri Lanka.

Website: www.iwsholdings.com

Media Contact for Veefin:

Varun Nankani

Founder’s Office

[email protected]

+91 9003518265