Aditya Birla Finance participates in OCEN to launch Instant Purchase Order financing for MSMEs on GeM Sahay

Chandigarh, September 11, 2023: Aditya Birla Finance Ltd (“ABFL”), the lending subsidiary of Aditya Birla Capital Ltd. (ABCL), announced its participation in Open Credit Enablement Network (OCEN) by launching instant Purchase Order (PO) financing for MSMEs registered on Government e-Marketplace (GeM) Sahay platform. This will be an entirely digital and instant process, where sellers can access working capital finance against their purchase orders, ensuring swift and hassle-free disbursements.

With participation in OCEN, ABFL facilitates the growth and development of MSMEs by providing them with seamless access to credit to meet their working capital requirements. OCEN is a decentralized open credit network developed by the non-profit think tank iSPIRT foundation as a digital public infrastructure. It allows the flow of credit between borrowers and lenders under a common set of standards.

Rakesh Singh, Managing Director, and Chief Executive Officer, Aditya Birla Finance Ltd (ABFL), said, “By facilitating working capital financing on GeM Sahay, we are simplifying the process for MSMEs engaged with government entities to avail instant loan disbursals against their purchase orders. Today, digital public infrastructure is reshaping the way MSMEs get faster access to capital to scale up their businesses. ABFL already has a significant presence in the MSME sector, and through this new credit facility, we will be able to provide superior experience to our existing and new customers."