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City Bank Ltd announced on Sunday the launch of its digital 'supply chain finance and distributor finance facility' solution to help companies in making their business more efficient and transparent.
It is a client-centric, secure and end-to-end business solution, top officials of the bank said at a press conference held at City Bank Centre in the city's Gulshan area.
Speaking at the programme, City Bank Managing Director and Chief Executive Officer Sohail R. K. Hussain said new technology-based business and financing solution will help link various parties including buyer, supplier and financing institution in a transaction.
The process will subsequently lower financing costs and improve business efficiency, he added.
He also said by availing the solution, the suppliers will get benefit of receiving their payments as soon invoices are approved.
Similarly, the buyers will also enjoy benefits of increased liquidity and improved working capital, Mr Hussain added.
Terming supply chain finance and distributor finance popular products in developing world, he said the bank has introduced such solutions to keep pace with the globalisation.
The online platform will strengthen the backward and forward linkage of the corporate, he added.
This platform will enable many small and medium enterprises (SMEs) to get access to easy finance particularly short-term working capital requirement with many other banking facilities under one umbrella, the top bank official mentioned.
Bank's Additional Managing Director Mashrur Arefin said top corporate organisations like Apex Footwear Ltd and EON Group are now using this online platform while the bank has recently signed an agreement with Pran-RFL Group.
City Bank DMD & head of wholesale banking Sheikh Mohammed Maroof, DMD & CRO Md Abdul Wadud, head of small business Kamrul Mehedi, head of supply chain finance Aslam Uddin Bhuiyan and representatives from ACI Foods Ltd, PRAN-RFL Group, General Pharmaceuticals Ltd and EON Group were also present at the press conference.