DBS Bank India made a partnership with ODeX India Solutions Pvt. Ltd to introduce ‘ODeX Pay Later Solutions’ powered by DBS to provide credit solutions to Freight forwarders.
- Objective: To enable the ODeX customers to access comprehensive payment and financing solutions for all their ocean shipping transaction
Key Points:
a.Simplified Payment process for Freight forwarders:
i.Generally, the Freight (Cargo) forwarders will receive payments from their customers (including the importers and exporters) only after the service completion.
ii.But, they need to pay shipping lines, port terminals, container freight stations and other stakeholders before getting their payments to clear the cargo on time.
iii.This condition has affected the working capital of the freight forwarders, thus to overcome this, DBS has designed the end-to-end digital financing solution to ease the overall payment process.
- The ODeX Pay Later Solutions will allow freight forwarders to make direct payments to ship liners.
iv.Other Benefits: Businesses with a turnover of Rs 3 Crore to Rs 200 Crore and have completed over 5 years in the same industry and are eligible to avail unsecured loan of up to Rs 50 lakhs from DBS Bank. They could also obtain a secured credit limit of up to Rs 5 crore.
v.Process:
- Customers could log in via ODeX and make payments to ship liners by getting access to finance within the Pay Later platform. The approval time for the credit line is ~3 days. The credit could also increase their credit by opting for a secured loan.
- The DBS bank will receive the data from ODeX directly to make a quick process.
vi.Eligibility: To avail the ODeX Pay Later Solutions, the customers need to have associated with ODeX for a minimum of 1 year and located near a DBS Bank India SME (Small and Medium-sized Enterprises ) asset branch in Mumbai, Surat, Vadodara, Ahmedabad, Chennai, Kolkata, or Delhi-NCR.
Note – The customers could also avail themselves of all the other DBS SME Banking solutions through DBS current account.
Recent Related News:
DBS, a leading financial services group headquartered in Singapore, tops the Forbes list of the World’s Best Banks 2021 in India. DBS ranked number 1 out of the 30 domestic and international banks in India for the 2nd consecutive year.
About ODeX India Solutions Pvt. Ltd:
It is a platform to exchange shipping documents and facilitate payments.
Establishment – 2015
Headquarters – Mumbai, Maharashtra
MD – Liji Nowal
About DBS Bank India Limited:
Headquarters – Mumbai, Maharashtra
MD & CEO – Surojit Shome
