F1Soft International has partnered with UK Aid Sakchyam Access to Finance Programme to introduce an ‘online reverse factoring platform’, titled Quik Bhuktani, a first-of-its-kind technological innovation programme that will enhance access to finance for micro, small and medium enterprises (MSMEs) in Nepal.

Nirmal Dahal, team leader of Sakchyam, along with Subash Sharma, CEO of F1Soft International, signed and exchanged certificates on behalf of their respective organisations during an event held in Lalitpur on Monday.

The online solution will link small and medium suppliers of large businesses and anchor firms to banks through an online platform that will facilitate instant access to credit for suppliers.

Using this online system, banks can offer low-risk short term loans to suppliers, who sell their goods and services to large businesses and anchor firms on credit and they will have convenient and non-collateralised access to financial services backed by accepted invoices.

On the occasion, Dahal said, “Digital innovations hold the key to unlocking access to finance for individuals as well as businesses. We at Sakchyam have been frontrunners in this field, and are strong advocates of such innovations. This new development is yet another step in the same direction.”

Stressing on the importance of digital innovation, Sharma said, “As Nepal’s leading FinTech company, it gives us immense pleasure to be able to develop financial tools that have the potential to revolutionize a large segment of the economy.”

“Our innovations have always focused on providing simple, secure and affordable access to finance for individuals. With Quik Bhuktani, we will be benefitting enterprises as well. We are very excited about this partnership and the project prospects.”

Established in 2004, F1Soft International is Nepal’s leading and largest financial technology company and also the pioneers of mobile financial services in the country. The company employs over 400 people.