GUWAHATI: North Eastern Development Finance Corporation Ltd. (NEDFi) and Veefin Solutions Limited, Mumbai, have recently signed of a comprehensive contract to implement a state-of-the-art digital lending ecosystem for NEDFi which is designed to enhance credit access across the North Eastern Region of India.
Under the terms of this multi-year agreement, Veefin will deploy a complete suite of cloud-hosted solutions, including a Loan Origination System (LOS), Loan Management System (LMS), and Loan Collection System (LCS). The digital transformation will also feature dedicated mobile applications for sales and collection, alongside a specialized customer portal to provide a seamless, end-to-end digital experience for borrowers.
The solution will further integrate with various external systems, including credit bureaus, and banking APIs, to create a unified and efficient financial ecosystem.
On the occasion, CMD NEDFI PVSLN Murty said that after it is fully implemented within next few months, the new software will help NEDFI reach out to entrepreneurs in far-flung areas of North-Eastern Region by using technology solutions. Especially, the small borrowers in unserved and underserved areas will benefit immensely from this new software. Through Mobile App solution the new entrepreneurs will be able to apply for loans through mobile devices and existing customers will be able to see their account related information in their smart phones. The new software will also enable the Corporation to expand its basket of financial products including working capital revolving loans, etc.
Executive Director of NEDFi, Lemli Loyi added that Veefin Solutions has been selected through an extensive RFP-based selection process and their LOS, LMS, LCS and mobile app solutions were found to tick almost all the boxes for NEDFi's digital transformation requirement. Their deep functional expertise in lending and their robust, industry-standard software will be instrumental in modernizing our lending processes. This partnership is a key milestone in our mission to bring advanced financial services to the doorstep of the Northeast - he said.
Chairman & Managing Director of Veefin Solutions Ltd, Raja Debnath added, "We are thrilled to be a partner in NEDFi's digital lending journey. This is a very prestigious and strategically important assignment for the Veefin group. We view the Northeast Region as vital in our efforts to help expand access to credit through technology, and we are committed to providing a secure, scalable, and high-performance platform that supports NEDFi's growth for years to come." This information was stated in a press release.
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