On Monday, Canadian fintech startup Citrusxchange Inc. revealed it has actually introduced its blockchain based supply chain and billing financing platform, Kwikxchange. The business reported its platform deals with small and medium enterprises looking for supply chain funding and billing financing. The platform was also established under the Co-Innovation Lab Program of SAP SE Germany. Citrusxchange noted that due to the launch of Kwikxchange, it is now set to expand into India, Kenya, Indonesia, and UAE, along with more its operations within The United States and Canadaas well.According to Citrusxchange, Kwikxchange uses a smooth and convenient way for onboarding borrowers, and is substantially faster than the conventional methods used to apply and send requirements for supply chain and billing funding items offered by different banks and other financing companies. The business also reported that SMEs from anywhere can apply for a loan from several lenders and banks through the digital platform. While sharing more details about Kwikxchange, Citrusxchange reported:”SMEs are the backbone of global economies with a credit gap of around$ 2 trillion
. The platform will help further increase the growth and competitiveness of SMEs internationally and in turn enable them actively take part in the growing digital economy worldwide. The service also accommodates balance due insurers to take part in the platform to assist mitigate risk for SMEs against bad financial obligations. The platform has an unique single page control panel for transacting which allows the borrower and loan provider to flawlessly communicate and enables quick decision making.”Citrusxchange went on to discuss that the new platform allows banks and non-banking financing business to digitally change, in turn helping to bridge
the divide for organisations all around the globe. The business added it prepares to enhance the platform functionality in the next six months and wishes to help in decision making for lenders utilizing smart contracts, artificial intelligence & artificial intelligence.