Biz2X hosts Frontier Digital Finance Roundtable in Mumbai
Mumbai, 7th December 2022: Biz2X (a subsidiary of Biz2Credit in India) a leading Digital Lending SaaS platform that enables financial institutions to provide a customized online lending experience for their small and midsize business customers, recently hosted Frontier Digital Finance Roundtable in Mumbai.
In the Mumbai edition of the event, key industry leaders discussed the history, criticality, experience, and challenges faced by industry aggregators in working capital management, SME financing options and embedded financing through their platform.
Some of the key challenges that industry aggregators face relating to limited access to needed information, lack of a coherent structure, multiple stakeholders and perspectives, time constraints, requirements of collaterals for MSME loans, insufficient financial expertise, lack of liquidity, limited access to working capital, among many others.
In light of the event, Vineet Tyagi, Global CTO at Biz2X and Biz2Credit “For Small & Mid-Size businesses, lack of finance or loan options, credit processing time, and inadequate knowledge, can be the utmost drawback to moving forward. So, we with Maadhyam are aiming to provide a comprehensive platform that will facilitate faster disbursement of loans among SMEs by bringing together the aggregators and lenders. As Maadhyam is making India’s SMEs Aatmanirbhar.’’
Industry leaders such as Akshay Deshmukh, VP – of Financial Product & Credit Strategy, Pharmeasy, Sangram Baviskar, Founding Member and Managing Director, Yantra live, Manish Bang, Founder, Yarnbiz, Aditya Shankar, Vice President – Vertical Head – Lending, TradeIndia, Anupama Verma, Strategic Alliance and Partnership, TradeIndia, Shruti Mehrotra, Founder and CEO, Mihuru, Rahul Jain, CFO, NTT Data Payment Services and Saurabh Agarwal, Founder, Truman participated at the roundtable to discuss and share knowledge on important topics such as ‘Providing SMEs in your Ecosystem Credit’, ‘Lending in the New Regulatory Paradigm’ among others. The participating companies also shed light on their plans around partnerships and collaborations.
Speaking at the event, Akshay Deshmukh, VP – of Financial Product & Credit Strategy, at Pharmeasy, commented, “While aggregation sounds very simple, as in you are aggregating a buyer and a seller but in different industries and in different markets, the ballgame is different altogether. Solving the problem of credit in each of the aggregation markets is in itself a problem. The biggest takeaway for me was how can we collaborate and partner to create an ecosystem where I can aggregate all the aggregators. Create a lending ecosystem for the aggregation business and then its a win-win for everybody. I win for myself, I win for everybody.”
Shruti Mehrotra, Founder and CEO, Mihuru, “The roundtable conference helped on multiple aspects such as which lenders to approach at which stage of the business to also sharing knowledge and spreading awareness about the kind of product we are developing”.
Aditya Shankar, Vice President – Vertical Head – Lending, Trade India, “There are a lot of challenges that aggregators are facing like funding for their customers. This problem we identified a long ago and we have built a product around it. This is very exciting and we felt really confident that we are working in the right direction.”
Saurabh Agarwal, Founder, Trumac, “The event has been fantastic with FDF because we have been talking with lot more aggregators regarding how finance works, how fintech companies are getting into it, how is RBI playing a major role in this. We are trying to solve the whole credit problem in this MSME industry.”
The company plans to organize a similar event every alternate month in Delhi, Mumbai, and Bangalore.