Press Release - '' Bank of Baroda, Central Bank of India, Indian Overseas Bank, and UCO Bank have signed up for the world''s largest SCF platform through PSBXchange, powered by Veefin''.
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Four major public sector banks — Bank of Baroda, Central Bank of India, Indian Overseas Bank, and UCO Bank — have signed up for the PSBXchange platform, a unified Supply Chain Finance (SCF) platform developed by PSB Alliance and powered by Veefin Solutions. The platform is described as the world's largest unified SCF platform, aimed at improving MSME access to working capital credit across India. It connects fintechs, B2B marketplaces, accounting service providers, and data providers with the core banking systems of multiple lenders. The company highlights that MSMEs contribute around 30% of India's GDP, and this platform is designed to bring them into the formal credit system. No specific contract value or revenue impact figures were disclosed in the filing.
This is a meaningful business win for Veefin as the technology backbone for a large-scale public sector banking platform, which could support future revenue growth and strengthen its credibility in the SCF technology space. Positive sentiment for the stock, though the lack of disclosed financial terms means the immediate impact on earnings remains unclear.