City Bank launches online supply finance chain

City Bank yesterday launched a digital "Supply Chain Finance and Distributor Finance Facility" through which suppliers will get paid whenever invoices are approved while buyers will enjoy increased liquidity and improved working capital.

The online platform will also enable SME businesses' easy access to finance, particularly short-term working capital, along with other banking facilities.

A statement of the bank said the process would help link buyers, suppliers and financing institutions to lower financing costs and improve business efficiency.

Apex Footwear Ltd and EON Group have already been using the platform while an agreement has been signed with Pran-RFL Group.

Sohail RK Hussain, CEO of the bank, launched the platform at the bank's head office in Dhaka. Syed Alamgir, managing director of ACI Foods Ltd, and Uzma Chowdhury, director for corporate finance at Pran-RFL Group, were present.