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Published on 18/01/2018 10:54:57 AM | Source: Dion Global Solutions Ltd

Intellect Design implements finance platform for BOB

Intellect Design Arena Limited has said that Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, has implemented a comprehensive supply chain finance platform for Bank of Baroda, India’s International Bank. With a USD 418 billion finance gap in the Indian SME sector alone, the roll-out of the digital platform will extend new financing and working capital opportunities to the bank’s numerous clients – and their partners – expected to boost the number of digital transactions across the nation.

Prime Minister Narendra Modi’s “Digital India” initiative – which aims to drive economic development through wideranging digital transformation across the country – has set an ambitious target of reaching 25 billion digital transactions in 2017-18. Furthermore, increasing trade across a country rapidly establishing itself on the global stage is a high priority – India’s exports of USD 261 billion are up by 47.7 per cent since 2009, and its internal trade as a proportion of GDP is at a healthy value of 54 per cent. Meanwhile, shares of the company were trading at Rs 190.05 apiece, up 0.82 per cent from the previous close at 09:27 hours on BSE.