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India Factoring & Finance Solutions, a joint venture of the Punjab National Bank along with Malta based FIM Bank Group, Italy-based Banca IFIS and Blend Financial Services, Mumbai, has set shop in Hyderabad to extend its services to the State.
The company, which now operates out of all the metros and Ahmedabad, provides financial solutions for SMEs and SMIs. In a press release, Mr Sudeb Sarbadhikary, CEO of India Factoring, said, “with its changing SMEs and SMIs environment, Andhra Pradesh has a good potential to grown the small and medium enterprises (SMEs) and small-scale industries and there is a need for factoring and other trade finance services to support them”.
Factoring is a financial transaction where a business sells its accounts receivable to a third party called ‘factor', which undertakes the activity of financing the receivables, administrating the debt and collection of the same.
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