With around 75 million registered SME’s, India leads the SME market in the world. SMEs contribute to more than a trillion dollars to the country’s economy, yet this segment is most deprived of digitalisation which accounts for only 30% of these businesses. SME segment represents a huge untapped opportunity, not just in India, but globally as well.
IBSFINtech pioneers the space of Corporate Treasury management solutions and is trusted by the very large and large multinational corporations of the country. With SMEs playing a crucial role in India's economic landscape, the need for fully digitized financial solutions is more pressing than ever. Recognising this opportunity, IBSFINtech carved out a specialised solution carrying the legacy from its solutions trusted by marquee corporations of the country.
In India, SMEs contribute about 45.56% of total exports, and thereby making it crucial for the SMEs to efficiently manage their foreign exchange exposure to maintain financial stability and competitive advantage.
SaaS TMS InnoTreasuryTM is designed particularly for the Small and Medium Enterprises, empowering them to manage their forex operations more efficiently. InnoTreasury™ enables the corporates to visualise their foreign exchange exposures and manage their hedges effectively.
Speaking about this milestone in company’s growth journey and entry into the SME segment, Mr. C M Grover, Promoter, MD & CEO of IBSFINtech, expressed his thoughts, stating, "We are delighted to bring forward a solution for empowering the SMEs with advanced digital treasury management platform. Today’s SMEs are progressive and are actively adopting the new-age technology solutions to support their digitization requirements and fuel their exponential growth aspirations. Having mastered the space of treasury management for large enterprises with our tailored portfolio of solutions, it was a strategic choice to roll out a simpler solution for the SMEs and support them in their growth. This product launch reflects our commitment to India’s growth story and bringing out new-age solutions with customer-centricity.”
With InnoTreasury™, the company expands the reach of end-to-end service offerings to all sizes of Enterprises, across sectors and geographies.
Hon. Prime Minister Narendra Modi’s Digital India program offers numerous benefits for small and medium enterprises (SMEs), and the SME digitization landscape is truly transforming in the country. Moreover, the strategic collaborations between Fintechs and Banks are playing an instrumental role. This expansion by IBSFINtech is a strategic move by the company, and as their MD Mr. Grover quotes, he considers it as the company’s participation in the country’s growth journey, contributing towards the Government of India’s vision for Viksit Bharat.
He adds, “SME segment has a huge potential for digitalization, and SMEs are not just in India. With this product offering, we will be facilitating the treasury digitization mandates for SMEs globally.”
SMEs are the backbone of the Indian economy, contributing to GDP, employment, regional development, innovation, and exports. Their role in fostering economic growth, reducing disparities, and promoting sustainable development cannot be overstated. The government’s support and favorable policies further enhance the growth and stability of this vital sector.
IBSFINtech has already onboarded multiple SME customers across industries, and from different parts of the country on this innovative solution.
Albert Chacko, MD of Copia Mining, a customer leveraging the tool shares, "Copia Mining is excited to announce the significant progress in its treasury transformation and digital journey, fuelling our global growth aspirations. This transformation, facilitated by our trusted banking partner and IBSFINtech, has revolutionized our treasury management capabilities. It has empowered our businesses to navigate the global market complexities with precision and agility, leading to enhanced capabilities for mitigating the foreign currency risk exposures."
The solution runs on the latest technology stack and leverages the world’s leading cloud service provider, providing highly secure, flexible and scalable environment thereby ensuring maximum benefits for the end customer.
With InnoTreasury™, the company has carved out a simplified solution which caters to the requirements of treasury management for SMEs. InnoTreasury™ enables end-to-end management of currency forward contracts, with provision for settlement, cancellation, both full or partial rollover. The solution provides detailed analytics and dashboards for daily reporting and monitoring. Bundled with the value-added features like user access control, audit trails, alerts and notifications, the solution truly simplifies the life of the SME promoters who are most likely managing their currency risk exposures themselves.
Muralirao A, Senior Manager Accounts & Finance at Sidvin Core-Tech (India) Private Limited, shares his experience, “Treasury transformation journey of Sidvin Core-Tech (India) Private Limited has been incredible. Our trusted banking partner played a key role in introducing us to IBSFINtech – The TreasuryTech company. The entire onboarding process was extremely efficient and hassle-free. We are eagerly anticipating leveraging the treasury platform completely to enhance and streamline our forex management operations."
CM Grover is looking forward to expanding the reach of this solution to thousands of SMEs and ensure the benefits reach to all corners of the country. Furthermore, the company is expanding the products also, to cover the entire gamut of corporate finance activities, which is simpler for them as the company already has a robust comprehensive technology platform, encompassing Cashflow & Liquidity, Trade Finance, Supply Chain Finance, Investments and Debt management function.
“With the “Inno” range of our solution, we are focused on empowering the SME customers with new-age innovative treasury solution which puts the power of technology in their hands and facilitates their business growth at a global scale. We have begun this journey with Forex risk management solution by launching InnoTreasury and are expanding the technology solutions to areas of trade and cash management as well in this ‘Inno’ range.” CM Grover added.
IBSFINtech is a Made-in-India TreasuryTech solution provider, with established credibility in the industry for offering comprehensive solutions for cashflow & liquidity, treasury, risk, trade finance and supply chain finance function of the marquee corporations of the country.
With such innovative and intuitive solutions available at ease, it’s time that SMEs should leverage these initiatives to streamline operations, improve efficiency, and enhance competitiveness in the digital era.
