DBS Bank India has announced that it has partnered with ODeX, a platform to exchange shipping documents and facilitate payments, to introduce ODeX Pay Later Solutions powered by DBS.
According to a statement, “ODeX customers can access comprehensive payment and financing solutions through the partnership for all their ocean shipping transaction needs. This partnership is expected to benefit over 8,500 freight forwarders, aligning with DBS’s commitment to financing local businesses and supporting livelihoods.”
Divyesh Dalal, Head – Global Transaction Services, DBS Bank India, said, “At DBS, we are pre-emptive in recognising customer needs, and we leverage our best-in-class technology to deliver innovative financing solutions. The integration with ODeX will help simplify the payment journey for freight forwarders, thereby increasing efficiencies. Our analytics-based platform reduces friction and improves the turn-around time for disbursing credit. It allows for a seamless transaction flow wherein customers can raise requests from ODeX through API enabling real-time flow of information between the platforms.”
Sudarshan Chari, Head – Business Banking, DBS Bank India, said, “DBS has been at the forefront of supporting local businesses and broadening credit access to this segment. Our partnership with ODeX allows us to leverage our strong digital capabilities and offer innovative financing solutions to SMEs in the shipping industry. ODeX Pay Later Solutions will help unlock cash flow that will, in turn, allow these enterprises to scale and tap into emerging opportunities.”
Commenting on the partnership, Liji Nowal, Managing Director, ODeX, said, “This partnership is a clear and concentrated focus on serving a market that is currently underserved. The technology support from DBS will help us multiply our reach in the logistics industry, allowing us to present a complete solution suite to the customers.”
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