Bangalore, September 12, 2023: Aditya Birla Finance Ltd (“ABFL”), the lending subsidiary of Aditya Birla Capital Ltd. (ABCL), announced its participation in Open Credit Enablement Network (OCEN) by launching instant Purchase Order (PO) financing for MSMEs registered on Government e-Marketplace (GeM) Sahay platform. This will be an entirely digital and instant process, where sellers can access working capital finance against their purchase orders, ensuring swift and hassle-free disbursements.
With participation in OCEN, ABFL facilitates the growth and development of MSMEs by providing them with seamless access to credit to meet their working capital requirements. OCEN is a decentralized open credit network developed by the non-profit think tank iSPIRT foundation as a digital public infrastructure. It allows the flow of credit between borrowers and lenders under a common set of standards.
Mr. Rakesh Singh, Managing Director, and Chief Executive Officer, of Aditya Birla Finance Ltd (ABFL), said, “By facilitating working capital financing on GeM Sahay, we are simplifying the process for MSMEs engaged with government entities to avail instant loan disbursals against their purchase orders. Today, digital public infrastructure is reshaping the way MSMEs get faster access to capital to scale up their businesses. ABFL already has a significant presence in the MSME sector, and through this new credit facility, we will be able to provide superior experience to our existing and new customers.”
This strategic move exemplifies ABFL’s steadfast commitment to reshaping the PO financing landscape, providing sellers with the financial strength necessary to elevate their businesses and thrive in the dynamic and competitive market. By enabling timely and seamless access to credit, this initiative promises to fuel growth, foster innovation, and unlock the true potential of businesses, reinforcing ABFL’s position as a catalyst for success in the ever-evolving financial landscape.
As part of its digital strategy, the Company recently also launched Udyog Plus, an innovative one-stop business platform designed for MSME customers. This new B2B digital platform offers a wide range of solutions for MSMEs, including financing, protection, investments, advisory, and value-added services for managing and growing their business. Participation in OCEN is one more step by ABFL in its endeavour to provide access to lending to MSMEs through a seamless and digital process.
