Latest news with #RBI-licensed
Fashion Value Chain
2 days ago
- Business
- Fashion Value Chain
KredX's DTX Platform and Canara Bank Partner to Supercharge Digital Trade Finance for Indian Businesses
KredX, India's leading integrated cash flow and supply chain finance platform, today announced a strategic partnership with Canara Bank, one of Indias prominent public sector banks. This collaboration aims to significantly broaden the reach of digital trade receivable discounting through KredX's RBI-licensed TReDS platform, Domestic Trade Exchange (DTX), with a specific focus on driving deeper financial inclusion for businesses across the country. The partnership reinforces KredX's long-standing commitment to enhancing financial inclusivity across the supply chain ecosystem. Over the past decade, KredX has played a pivotal role in integrating both MSMEs and large enterprises into formal financial networks. The DTX platform helps address systemic challenges such as delayed payments, high borrowing costs, and collateral-heavy financing, particularly for service providers, by enabling faster, more affordable, and collateral-free access to working capital. Canara Banks participation on the KredX DTX platform marks a pivotal step towards building a more robust, accessible, and inclusive supply chain finance ecosystem. As one of the oldest and largest public sector banks in India, Canara Bank brings a strong public sector presence and legacy to the partnership, with a robust network of branches across the country. By combining Canara Bank's extensive reach and deep understanding of diverse business needs with KredX's cutting-edge, technology-first infrastructure, this partnership will substantially enhance working capital access for Micro, Small, and Medium Enterprises (MSMEs) across all sectors and scales. This aligns seamlessly with the governments vision of increasing financial inclusion for businesses, empowering a wider array of enterprises to thrive. Manish Kumar, Founder and CEO, KredX, stated, 'We are thrilled to welcome Canara Bank as a financing partner on KredX's technology-first TReDS platform, DTX. Canara Bank's extensive presence, deep-rooted customer focus, commitment to financial inclusion, and increasingly, its embrace of digital innovation and diversification of services, make it an invaluable addition to our expanding ecosystem. This partnership is a significant step towards digitisation and democratising trade finance, enabling enterprise buyers and MSME partners to access crucial working capital, with Canara Banks increased funding capacity driving nationwide financial inclusion.' KredX's DTX platform, approved under the RBI's TReDS framework, offers a digital-first solution for end-to-end trade finance. Connected to 50+ financiers and designed to enable bidding on trade receivables, DTX provides businesses with access to the lowest cost of finance, an intuitive user experience, and seamless execution. DTX also enables suppliers to access working capital instantly, while allowing buyers to optimise cash flows and build more resilient supply chains. By integrating intelligent automation, real-time processing, and intuitive workflows, DTX ensures a frictionless experience for buyers, sellers, and financiers alike. The initiative aligns with the Government of India's mandate for companies with a turnover exceeding Rs. 250 crore to onboard TReDS and integrate with the GSTN, promoting digital financing and regulatory compliance. This also supports KredX's goal of achieving Rs. 15,000 crore in disbursals and empowering 15000 MSMEs by the end of this fiscal year. As India's leading integrated supply chain finance provider, KredX offers a comprehensive suite of solutions including early payments, accounts payable and receivable financing, and cash flow automation. These capabilities empower businesses to unlock working capital, drive operational efficiency, and maintain compliance across processes. KredX continues to expand its partner network of banks, NBFCs, and financial institutions to strengthen India's digital supply chain infrastructure and improve access to capital across the ecosystem. In a significant move to further this mission, KredX is also engaging with State Governments to support MSMEs by raising awareness around TReDS and providing TReDS onboarding assistance. This strategic engagement will revolutionize MSME onboarding, reduce friction, improve data accuracy, and enable KredX to provide more tailored solutions to a wider base of MSMEs nationwide. About KredX KredX is India's leading integrated supply chain finance platform, and among the very few entities licensed by both the Reserve Bank of India (RBI) and the International Financial Services Centres Authority (IFSCA). With this dual regulatory backing, KredX offers end-to-end working capital solutions across both domestic (TReDS) and cross-border (global factoring) transactions, serving MSME suppliers as well as large corporate anchors. Being a pioneer in supply chain financing for a decade, KredX has been enabling businesses to unlock working capital and optimise cash flows through a full stack of digital finance solutions for modern supply chains. With platforms like DTX (Domestic Trade Exchange), GTX (Global Trade Exchange), and CMS (AI-powered Cash Management Solutions). Backed by marquee investors including Tiger Global, Sequoia Capital India, and Prime Venture Partners, KredX is at the forefront of building future-ready, tech-led financial infrastructure for B2B supply chain ecosystems. To know more, visit KredX's Domestic Trade Exchange (DTX) site: About Canara Bank Widely known for customer-centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over a hundred years of existence. Growth of Canara Bank was phenomenal, especially after nationalisation in the year 1969, attaining the status of a national-level player in terms of geographical reach and clientele segments. The Bank diversified its business operations throughout the 1980s. A significant achievement came in June 2006, when it celebrated 100 years of service within the Indian banking industry. Several memorable milestones have characterised the eventful journey of the Bank. Currently, Canara Bank is a leading institution among Indian banks. Over the years, the Bank has been scaling up its market position to emerge as a major Financial Conglomerate with as many as thirteen subsidiaries/sponsored institutions in India and abroad. As of September 2023, Canara Bank services over 11.19 crore customers through a network of 9,518 branches and 12,118 ATMs/Recyclers spread across all Indian states and Union Territories.
The Wire
03-07-2025
- Business
- The Wire
FD App Vs Traditional Fixed Deposits: Which One Is Better for Investment?
Pune, Maharashtra, India (NewsVoir) Fixed Deposits (FDs) have been a secure and reliable investment for Indians across generations. This financial instrument encourages savings with low risk against market volatility. Now, with an FD app, booking a deposit is easier than ever. With digital technology driving this traditional investment, growing one's savings is easier than ever. Smart platforms like Wizely make investing in an FD online convenient, safe, and quick. It allows users to book deposits across reputable issuers, track their interest income, and access easy liquidity without hassles. Disadvantages of Booking Fixed Deposits the Traditional Way Before investing, it is essential to understand the drawbacks or inconveniences that may be associated with traditional FD options. • Opening and managing FDs in the traditional way often requires visiting a bank branch, filling out forms, and dealing with paperwork. This can be a time-consuming process. • It is more challenging to compare interest rates and features across multiple banks or issuers when booking fixed deposits the traditional way. One would typically have to visit each bank individually or open each website/app. • Traditional FDs usually do not offer the same level of real-time income interest tracking and digital management that app-based platforms provide. What Makes Wizely A Better Option Here are some of the key features that make it easy to invest in an FD via Wizely compared to traditional, offline investments. • Higher Interest Rates Wizely enables users to compare interest rates and tenures and book fixed deposits from various RBI-licensed banks and NBFC partners. At the moment, users can benefit from competitive interest rates, starting from 9.10% p.a. and enjoy a larger payout. • Convenience and Accessibility The entire process of exploring, comparing, and booking an FD is online with Wizely. This eliminates the need for physical visits to financial institutions, filing paperwork, and waiting in long queues. Users can complete the Know Your Customer (KYC) process digitally by linking their account with PAN through DigiLocker, making the process quick, safe, and hassle-free. • Equivalent Security FDs offered by banks and booked through Wizely come with insurance of up to ₹5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC). This provides an added layer of security for the investment. • Real-Time Tracking and Management Wizely offers an intuitive dashboard, enabling investors to track their FD investments, interest earned, maturity dates, and reinvestment options in real-time, all from their smartphones. This level of transparency and control helps users better plan their investments and finances. • Easy Liquidity The app allows investors to withdraw their FD early if needed, providing greater liquidity. This is especially useful in emergencies. Upon maturity, the investor can easily choose to reinvest or have the maturity amount credited directly to their bank account without any extra steps or paperwork. Steps to Invest in FDs on the Wizley App To maximise convenience, Wizely ensures the process of booking a fixed deposit is easy. One can follow these steps. • Downloading and Registration To begin the investment process, users can download the Wizely App from the Google Play Store or Apple App Store, depending on the device. After that, users can open the app and register their profile using their mobile number and email address. After verifying their mobile number with an OTP (One-Time Password), set up a secure PIN for app access. • Exploring FD options After successful registration, customers can explore the FD interest rates from the top issuers on the dashboard. Wizely partners with multiple RBI-licensed banks and non-banking financial companies (NBFCs). The app will display a list of available FDs from these partners. One can also choose an issuer based on the tenure. • Completing the Digital KYC Process This is a mandatory step for financial investments. Users typically need to complete their Know Your Customer (KYC) verification digitally by linking their account to their PAN for verification. Wizely facilitates this through DigiLocker for a seamless process. • Choosing Flexible Terms Once the user has chosen the issuer, the next step is to enter the amount they wish to deposit, the investment tenure, and the preferred payout option. • Transferring Funds After choosing the desirable deposit terms, investors can make the payment to complete the deposit directly. With Wizley, they can directly link their existing bank account, and there is no need to open a new bank account. After successful payment, they will receive an instant confirmation of their FD booking. Following these steps, users can successfully book an FD online through the Wizley App from the comfort of their homes. One additional perk of booking a deposit through an FD app is that investors can keep track of it through the app. Traditionally, reaching out to the banking executive can be a hassle as compared to booking an FD online. In the case of a national holiday, one may have to wait until the next working day. This is not the case with Wizley, which offers users complete control over their investment around the clock. One can download the Wizely App today and experience the future of fixed deposits right now! (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.).
Fashion Value Chain
03-07-2025
- Business
- Fashion Value Chain
FD App Vs Traditional Fixed Deposits: Which One Is Better for Investment
Fixed Deposits (FDs) have been a secure and reliable investment for Indians across generations. This financial instrument encourages savings with low risk against market volatility. Now, with an FD app, booking a deposit is easier than ever. With digital technology driving this traditional investment, growing one's savings is easier than ever. Smart platforms like Wizely make investing in an FD online convenient, safe, and quick. It allows users to book deposits across reputable issuers, track their interest income, and access easy liquidity without hassles. Disadvantages of Booking Fixed Deposits the Traditional Way Before investing, it is essential to understand the drawbacks or inconveniences that may be associated with traditional FD options. Opening and managing FDs in the traditional way often requires visiting a bank branch, filling out forms, and dealing with paperwork. This can be a time-consuming process. It is more challenging to compare interest rates and features across multiple banks or issuers when booking fixed deposits the traditional way. One would typically have to visit each bank individually or open each website/app. Traditional FDs usually do not offer the same level of real-time income interest tracking and digital management that app-based platforms provide. What Makes Wizely A Better Option Here are some of the key features that make it easy to invest in an FD via Wizely compared to traditional, offline investments. Higher Interest Rates Wizely enables users to compare interest rates and tenures and book fixed deposits from various RBI-licensed banks and NBFC partners. At the moment, users can benefit from competitive interest rates, starting from 9.10% p.a. and enjoy a larger payout. Convenience and Accessibility The entire process of exploring, comparing, and booking an FD is online with Wizely. This eliminates the need for physical visits to financial institutions, filing paperwork, and waiting in long queues. Users can complete the Know Your Customer (KYC) process digitally by linking their account with PAN through DigiLocker, making the process quick, safe, and hassle-free. Equivalent Security FDs offered by banks and booked through Wizely come with insurance of up to â¹5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC). This provides an added layer of security for the investment. Real-Time Tracking and Management Wizely offers an intuitive dashboard, enabling investors to track their FD investments, interest earned, maturity dates, and reinvestment options in real-time, all from their smartphones. This level of transparency and control helps users better plan their investments and finances. Easy Liquidity The app allows investors to withdraw their FD early if needed, providing greater liquidity. This is especially useful in emergencies. Upon maturity, the investor can easily choose to reinvest or have the maturity amount credited directly to their bank account without any extra steps or paperwork. Steps to Invest in FDs on the Wizley App To maximise convenience, Wizely ensures the process of booking a fixed deposit is easy. One can follow these steps. Downloading and Registration To begin the investment process, users can download the Wizely App from the Google Play Store or Apple App Store, depending on the device. After that, users can open the app and register their profile using their mobile number and email address. After verifying their mobile number with an OTP (One-Time Password), set up a secure PIN for app access. Exploring FD options After successful registration, customers can explore the FD interest rates from the top issuers on the dashboard. Wizely partners with multiple RBI-licensed banks and non-banking financial companies (NBFCs). The app will display a list of available FDs from these partners. One can also choose an issuer based on the tenure. Completing the Digital KYC Process This is a mandatory step for financial investments. Users typically need to complete their Know Your Customer (KYC) verification digitally by linking their account to their PAN for verification. Wizely facilitates this through DigiLocker for a seamless process. Choosing Flexible Terms Once the user has chosen the issuer, the next step is to enter the amount they wish to deposit, the investment tenure, and the preferred payout option. Transferring Funds After choosing the desirable deposit terms, investors can make the payment to complete the deposit directly. With Wizley, they can directly link their existing bank account, and there is no need to open a new bank account. After successful payment, they will receive an instant confirmation of their FD booking. Following these steps, users can successfully book an FD online through the Wizley App from the comfort of their homes. One additional perk of booking a deposit through an FD app is that investors can keep track of it through the app. Traditionally, reaching out to the banking executive can be a hassle as compared to booking an FD online. In the case of a national holiday, one may have to wait until the next working day. This is not the case with Wizley, which offers users complete control over their investment around the clock. One can download the Wizely App today and experience the future of fixed deposits right now!
The Wire
02-07-2025
- Business
- The Wire
A New Era for MSMEs: DTX by KredX Signs Pivotal MoU with Ministry of Micro, Small & Medium Enterprises, Government of India
KredX's RBI-Approved TReDS Platform, DTX, to Revolutionise MSME Onboarding and Working Capital Access Bengaluru, Karnataka, India (NewsVoir) KredX, India's leading integrated supply chain finance platform, today announced the signing of a significant Memorandum of Understanding (MoU) between the Ministry of Micro, Small & Medium Enterprises (MoMSME), Government of India, and KredX's technologically advanced TReDS platform - Domestic Trade Exchange (DTX). This strategic collaboration marks a pivotal step towards empowering the nation's vital MSME sector through enhanced data sharing and streamlined digital integration. The MoU establishes a framework for understanding between MoMSME and KredX's DTX, specifically concerning the secure and efficient sharing of Udyam registration data. The KredX DTX platform, an RBI-licensed TReDS platform, will leverage this partnership to further its mission of empowering MSMEs. Through a two-way API integration, the agreement facilitates real-time data updation and seamless onboarding of MSMEs onto the DTX platform. This reciprocal data exchange will significantly enrich the DTX database, allowing for data-backed updates and more efficient registration processes for MSMEs, thereby directly aiding KredX in providing effective supply chain financing solutions to a wider set of MSMEs. This collaboration is a testament to KredX's commitment to leveraging technology for the benefit of Indian MSMEs, enabling faster access to financial services and fostering a more robust digital ecosystem. With direct integration with the Ministry's Udyam registration data, KredX will be able to reduce friction in the onboarding process, improve data accuracy, and provide more tailored solutions to a wider base of micro, small, and medium enterprises across the country. Manish Kumar, Founder and CEO, KredX, said,"We are honoured to collaborate with the Ministry of MSME, Government of India, in this landmark initiative. This strategic step perfectly aligns with KredX's core goal to empower MSMEs by simplifying supply chain finance through seamless digitisation. Access to real-time Udyam registration data via this two-way API will revolutionise our onboarding process and how we serve these crucial businesses, enabling us to provide quicker, more efficient, and data-driven supply chain financing solutions. This will significantly aid us in reaching and supporting an even wider network of MSMEs nationwide, fostering their growth and contribution to the economy.' As India's leading integrated supply chain finance provider, KredX offers a comprehensive suite of solutions including early payments, accounts payable and receivable financing, and cash flow automation. These capabilities empower businesses to unlock working capital, drive operational efficiency, and maintain compliance across processes. It will continue to foster a robust financial ecosystem through strategic partnerships and collaborations to strengthen India's digital supply chain infrastructure and drive inclusive economic growth. About KredX KredX is India's leading integrated supply chain finance provider, enabling businesses to unlock working capital and optimise cash flows through a full stack of digital finance solutions for modern supply chains. With platforms like DTX (Domestic Trade Exchange), GTX (Global Trade Exchange), and CMS (AI-powered Cash Management Solutions), KredX has onboarded 3,000 enterprises and enabled over 100,000 MSMEs to access timely working capital. The company has processed more than Rs. 550 billion in invoices. Backed by marquee investors including Tiger Global, Sequoia Capital India, and Prime Venture Partners, KredX is at the forefront of building future-ready, tech-led financial infrastructure for B2B supply chain ecosystems. (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.).
Fashion Value Chain
02-07-2025
- Business
- Fashion Value Chain
A New Era for MSMEs: DTX by KredX Signs Pivotal MoU with Ministry of Micro, Small & Medium Enterprises, Government of India
KredX, India's leading integrated supply chain finance platform, today announced the signing of a significant Memorandum of Understanding (MoU) between the Ministry of Micro, Small & Medium Enterprises (MoMSME), Government of India, and KredX's technologically advanced TReDS platform – Domestic Trade Exchange (DTX). This strategic collaboration marks a pivotal step towards empowering the nations vital MSME sector through enhanced data sharing and streamlined digital integration. The MoU establishes a framework for understanding between MoMSME and KredX's DTX, specifically concerning the secure and efficient sharing of Udyam registration data. The KredX DTX platform, an RBI-licensed TReDS platform, will leverage this partnership to further its mission of empowering MSMEs. Through a two-way API integration, the agreement facilitates real-time data updation and seamless onboarding of MSMEs onto the DTX platform. This reciprocal data exchange will significantly enrich the DTX database, allowing for data-backed updates and more efficient registration processes for MSMEs, thereby directly aiding KredX in providing effective supply chain financing solutions to a wider set of MSMEs. This collaboration is a testament to KredXs commitment to leveraging technology for the benefit of Indian MSMEs, enabling faster access to financial services and fostering a more robust digital ecosystem. With direct integration with the Ministrys Udyam registration data, KredX will be able to reduce friction in the onboarding process, improve data accuracy, and provide more tailored solutions to a wider base of micro, small, and medium enterprises across the country. Manish Kumar, Founder and CEO, KredX, said,'We are honoured to collaborate with the Ministry of MSME, Government of India, in this landmark initiative. This strategic step perfectly aligns with KredXs core goal to empower MSMEs by simplifying supply chain finance through seamless digitisation. Access to real-time Udyam registration data via this two-way API will revolutionise our onboarding process and how we serve these crucial businesses, enabling us to provide quicker, more efficient, and data-driven supply chain financing solutions. This will significantly aid us in reaching and supporting an even wider network of MSMEs nationwide, fostering their growth and contribution to the economy.' As India's leading integrated supply chain finance provider, KredX offers a comprehensive suite of solutions including early payments, accounts payable and receivable financing, and cash flow automation. These capabilities empower businesses to unlock working capital, drive operational efficiency, and maintain compliance across processes. It will continue to foster a robust financial ecosystem through strategic partnerships and collaborations to strengthen India's digital supply chain infrastructure and drive inclusive economic growth. About KredX KredX is India's leading integrated supply chain finance provider, enabling businesses to unlock working capital and optimise cash flows through a full stack of digital finance solutions for modern supply chains. With platforms like DTX (Domestic Trade Exchange), GTX (Global Trade Exchange), and CMS (AI-powered Cash Management Solutions), KredX has onboarded 3,000+ enterprises and enabled over 100,000 MSMEs to access timely working capital. The company has processed more than Rs. 550 billion in invoices. Backed by marquee investors including Tiger Global, Sequoia Capital India, and Prime Venture Partners, KredX is at the forefront of building future-ready, tech-led financial infrastructure for B2B supply chain ecosystems.
