PSB Xchange Completes Its First Live End-to-End Digital Supply Chain Finance Transaction in Collaboration with Central Bank of India

PSB Xchange Completes Its First Live End-to-End Digital Supply Chain Finance Transaction in Collaboration with Central Bank of India

Mumbai (Maharashtra) [India], October 17: In a significant development for India’s banking sector, Central Bank of India (CBI) has successfully completed the first fully digital supply chain finance transaction on the PSB Xchange platform offered by PSB Alliance, a unified multi-lender platform designed to connect public sector banks, private sector banks, NBFCs and fintech’s with corporates and their channel partners in the country to source and provide supply chain finance and small business loans.

This milestone marks the first time a fintech-originated corporate lead was seamlessly processed through the PSB Xchange ecosystem — flowing from a fintech partner connected to the platform to a participating lender, which utilized the complete PSB Xchange technology stack to underwrite, process, and extend a financing offer digitally to the corporate anchor. The corporate then accepted the offer directly on the fintech interface, completing the journey end-to-end without manual intervention.

PSB Xchange, developed by PSB Alliance in partnership with technology partner Veefin Solutions, aims to streamline supply chain financing through a unified platform. The platform offers a transparent, efficient, and scalable alternative to traditional financing methods, positioning public sector banks (PSBs) to better serve businesses, especially in the MSME sector. It demonstrates that the platform is fully operational and capable of facilitating real-time credit flows across multiple institutions — marking a significant step forward in India’s digital lending landscape.

Mr. S.S Murthy, GM – MSME, Central Bank of India said, “Central Bank of India is proud to be the first PSB on PSB Xchange (A PSB Alliance Platform) to have successfully completed the inaugural transaction of Dealer Finance with a leading footwear player in the country. This milestone stands as a testament to our organization’s commitment to drive supply chain finance and excellence in banking to create immense value and is here to stay for the long haul.”

Anjali Mohanty, CEO & MD, PSB Alliance said, “The successful completion of the first transaction by CBI on PSBXchange marks a key milestone in advancing digital supply chain financing across PSBs. Developed in collaboration with Veefin, the platform is designed to deliver efficiency, transparency, and scalability through a unified platform. This marks another significant step forward for PSB Alliance in our commitment to being a key technological partner helping in digital transformation.”

Raja Debnath, Chairperson & Managing Director, Veefin Group, said, “This milestone is a defining moment for PSB Xchange and for India’s credit ecosystem. It validates the vision of building a single, interoperable digital rail where every stakeholder — lender, fintech, or corporate — can transact seamlessly and securely.

What we’re witnessing today is the shift from concept to execution. The systems, integrations, and partnerships have all come together to make digital credit delivery across institutions a reality. It’s a proud moment for everyone who believed in this collaborative model and for the future of supply chain finance in India.

About PSB Alliance

PSB Alliance, a consortium of 12 public sector banks in India, is dedicated to delivering integrated, technology-enabled financial services across India. The alliance focuses on building unified digital ecosystems that enhance efficiency, inclusion, and accessibility across banking operations. For more details, visit https://psballiance.com.

About Veefin Group

The Veefin Group of Companies is on a mission to become the global No. 1 working capital technology platform. Veefin addresses every aspect of optimizing working capital by offering solutions across end- to-end digital Supply Chain Finance, Cash Management, Trade Finance, Debt Securitization, automated AR/AP, and digital lending. Leveraging Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP), Veefin builds modular, scalable, and API-first platforms that power banks, NBFCs, fintechs, and corporates globally. Listed on the BSE SME platform, Veefin Solutions Ltd. is headquartered in Mumbai, with offices in Ahmedabad, Dhaka, and Singapore.

For more details, visit www.veefin.com.

For media queries, contact:

Varun Nankani

varun@veefin.com

String Metaverse (BSE: META) Secures Canadian Fintech License, Rebrands to String Payx

String Metaverse (BSE: META) Secures Canadian Fintech License, Rebrands to String Payx

String Metaverse rebrands to String Payx after securing Canadian Fintech License

Hyderabad (Telangana) [India], June 17: InString Metaverse Limited (BSE: META), a next-generation digital finance infrastructure Web3  company, is pleased to announce that it has officially received its Fintech License (MSB registration) from FINTRAC Canada, headquartered in Vancouver. In alignment with this significant milestone, the Canadian company will undergo a strategic rebranding to String Payx, with the name change to be reflected across all regulatory and operational platforms within the next 60 days.

This license marks a pivotal expansion for String Metaverse, empowering it to launch comprehensive Web3-enabled digital banking services, including:

  • Issuance of Virtual Debit Cards
  • Cross-Border Wire Transfers
  • Full-suite Payment Solutions for businesses and individuals
  • Virtual Corporate Accounts
  • Seamless Crypto-to-Fiat On-Ramp and Off-Ramp capabilities

String Metaverse is uniquely positioned at the convergence of gaming, digital assets, and fintech. With an existing user base of 4 million gamers, projected to reach 10 million, the company will leverage this license to issue Virtual Visa and Mastercard Debit Cards, fully integrated with Apple Pay and Google Pay. This enables instant global payments at over 170 million merchants across both physical and digital platforms.

“This license is a game-changer,” said [CEO  Santosh Althuru], CEO of String Metaverse. “It enables us to power the next wave of financial services for Web3-native users, seamlessly merging crypto, gaming, and global payments.”

This development is aligned with String’s mission to build the public infrastructure layer for open, yield-bearing financial ecosystems on blockchain — where stablecoins, tokenized assets, and real-world payments converge.

About String Metaverse first Web3.0 company listed on Indian exchanges (BSE: META), is building the Internet Financial System of the future. The company’s infrastructure powers scalable digital banking, payment rails, and asset tokenization, connecting Web3 innovation with real-world utility across borders