DBS Bank India has partnered with ODeX to provide hassle-free credit solutions to freight forwarders and assist with the exchange of shipping documents and facilitation of payments.
In a statement, DBS Bank India said ODeX customers can access comprehensive payment and financing solutions through the partnership for all their ocean shipping transaction needs.
This partnership is expected to benefit over 8,500 freight forwarders, aligning with DBS’s commitment to financing local businesses and supporting livelihoods.
Freight forwarders usually receive payments from their customers, comprising importers and exporters, after completing service.
However, they must pay shipping lines, port terminals, container freight stations and other stakeholders upfront to clear the cargo on time, which impacts their working capital.
DBS recognised this gap and designed a financing solution that is digital, contextual, seamless and removes friction from the overall payment process.
Divyesh Dalal, Head – Global Transaction Services, DBS Bank India, said, “At DBS, we are pre-emptive in recognising customer needs, and we leverage our best-in-class technology to deliver innovative financing solutions.
“The integration with ODeX will help simplify the payment journey for freight forwarders, thereby increasing efficiencies.
“Our analytics-based platform reduces friction and improves the turn-around time for disbursing credit. It allows for a seamless transaction flow wherein customers can raise requests from ODeX through API enabling real-time flow of information between the platforms.”
Sudarshan Chari, Head- Business Banking, DBS Bank India, also commented, “DBS has been at the forefront of supporting local businesses and broadening credit access to this segment.
“Our partnership with ODeX allows us to leverage our strong digital capabilities and offer innovative financing solutions to SMEs in the shipping industry. ODeX Pay Later Solutions will help unlock cash flow that will, in turn, allow these enterprises to scale and tap into emerging opportunities.”