Blockchain Supply Chain Financing Platform Launched By Citrusexchangebr>
Canadian FinTech firm Citrusexchange has launched a blockchain-based supply chain and invoice financing platform aimed at small and medium enterprises (SME).
The new blockchain platform, called Kwikxchange, was developed under the Co-Innovation Lab Program of SAP SE Germany. It enables SMEs to apply for a loan from multiple lenders and banks. The platform is promising near-instant access to financing, with a seamless connectivity to credit agencies supporting quick onboarding and an inbuilt scoring engine calculating the forecasted business, enabling underwriters to make quick decisions.
The solution also caters to account receivable insurers to participate in the platform to help mitigate risk for SMEs against bad debts. The platform has a unique single page dashboard for transacting which enables the borrower and lender to seamlessly interact. All important information such as company information, know your customer (KYC) documents, loan documents, transaction data are permanently stored on the blockchain, accessible 24/7.
Citrusxchange is planing to enhance the platform functionality in the next six months and hopes to assist in decision making for banks and other finance firms around the world using smart contracts, artificial intelligence (AI) and machine learning. The company noted that due to the launch of Kwikxchange, it is now set to expand into India, Kenya, Indonesia, and UAE, as well as further its operations within North America.
“SMEs are the backbone of global economies with a credit gap of around $2 trillion,” said Rammohan Prabhakar, CEO of Citrusexchange. “The platform will help further boost the growth and competitiveness of SMEs globally and in turn enable them actively participate in the growing digital economy worldwide.”