Polytrade, a decentralised trade finance platform backed by blockchain technology, has been awarded the ‘Best Financial Institution of the Year’ for supporting and empowering SMEs. The award was presented to Piyush Gupta, founder and CEO, Polytrade, by the Governor of Maharashtra, Bhagat Singh Koshyari, at Rajbhavan, in the presence of many prominent personalities.
The award ceremony was jointly convened by the SME Chamber of India and Maharashtra Industrial and Economic Development Association on February 13. Polytrade was founded in 2014 by Gupta, an IIT-Bombay graduate, to support Indian SMEs struggling for working capital due to numerous reasons, including lack of understanding around some trade finance instruments, lack of understanding around some trade finance instruments, lack of collateral, high cost of borrowing and exhaustion of credit limits.
Polytrade aims to transform the traditional trade finance industry by providing SME borrowers with access to low interest and swift financing by freeing up critical working capital tapped in the crypto universe. Polytrade aims to boost the business growth of SMEs where liquidity is not a hindrance.
“We are honoured to receive this recognition. This award will further drive us on our quest to transform the trade finance industry with new edge technology and empower the SMEs in India,” Gupta said on receiving the award. Chandrakant Salunkhe, founder and President, SME Chamber of India, said, “Polytrade platform gives a holistic solution to the SMEs by providing easy access to working capital, thereby empowering India’s SME sector.”.
Originally Posted: https://economictimes.indiatimes.com/magazines/panache/polytrade-an-agent-of-change-in-trade-finance-industry-helps-sme-borrowers-gain-access-to-funds/articleshow/89714211.cms