City Bank introduces digital supply chain finance & distributor finance facility

City Bank has announced the launch of its fully digital Supply Chain Finance and Distributor Finance Facility, a client-centric, secure, end-to-end solution that will help companies in Bangladesh do business with efficiency and transparency.

Both supply chain finance and distributor finance are popular products in the developed countries and to keep pace with the globalisation, the bank has introduced these products on online platform to strengthen the backward and forward linkage of the corporate.These technology-based business and financing processes will help link various parties including the buyer, supplier and financing institution in a transaction to lower financing costs and improved business efficiency. By availing the solutions, the suppliers get the benefit of receiving their payments as soon the invoices are approved. Similarly, the buyers will also enjoy benefits of increased liquidity and improved working capital.

This platform will enable thousands of SME businesses to access easy finance particularly short-term working capital requirement along with many other banking facilities under one umbrella across the country. Top corporates like Apex Footwear and EON Group are already using this online platform and the bank has signed an agreement with Pran-RFL Group for the same.

Sohail RK Hussain, managing director and CEO of the bank inaugurated the launch on Sunday. Mashrur Arefin, additional managing director of the bank, also spoke on the occasion and explained how these solutions will help companies in Bangladesh. The event was also attended by Sheikh Mohammed Maroof, DMD and head of wholesale banking, Mohammed Abdul Wadud, DMD and CRO, Kamrul Mehedi, head of small business, Syed Alamgir, managing director, ACI Foods, Uzma Chowdhury, director, corporate finance, PRAN-RFL Group, Momenul Haq, managing director, General Pharmaceuticals, Momin Ud Dowlah, managing director, EON Group and others.