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The National Development Bank (NDB Bank), one of Sri Lanka’s largest commercial banks, has launched the country’s first supply chain finance program.
The National Development Bank (NDB Bank), one of Sri Lanka’s largest commercial banks, has launched the country’s first supply chain finance program.
The banking solution, TradeLinc, is set to optimise liquidity for Sri Lankan businesses with real-time solutions and funding.
“Through this platform, we create a virtual link between the supplier, distributor, and manufacturer strengthening communication between these supply chain stakeholders,” said Rukmal Dharmadasa, NDB SCF Chief Manager.
This is made possible because transaction-related data is made open to all participants via the platform, and notifications regarding documentation are delivered more conveniently. “That way they don’t have to call the company and inquire about the status of the invoice, for example,” explained Dharmadasa.
Technical assistance was provided from the Asian Development Bank’s Trade and Supply Chain Finance Program (ADB TSCFP).
TradeLink also offers tailored solutions, which are cost-effective for local businesses, particularly SMEs. NDB’s SCF business has financed over 700 SMEs through two products since its establishment.
ADB TSCFP has facilitated over $7 billion in trade through more than 3000 transactions in Sri Lanka.
