CVC Finance, Cye Retail Tech inks agreement to digitalise SMEs
CVC Finance Limited has signed a collaboration agreement to roll out the pilot project "Digital Un-Divide" with tech startup Cye Retail Tech Ltd for digitalising Small and Medium Enterprises (SMEs).
Under this Strategic Partnership, CVC Finance will help small entrepreneurs to digitalise their businesses focusing especially on women entrepreneurs, through a digital platform created by Cye Retail Tech Limited as a technology partner, reads a press release.
Enabling small entrepreneurs in transforming the way they do their businesses currently is the main purpose of this collaboration.
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Syed Minhaj Ahmed, managing director of CVC Finance and Anjum Islam, CEO, Cye Retail Tech signed the agreement on behalf of their respective organisations.
The project is supported by the Women Enterprise Recovery Fund, which is funded by the Dutch Entrepreneurial Development Bank (FMO), the Government of Canada, and Visa Inc. The Fund is jointly implemented by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in partnership with the United Nations Capital Development Fund (UNCDF).
The Fund is hosted by UNCDF's Fund Facility Investment mechanism, which is supported by the Australian Government.
"This partnership will help us to bring the unbanked retail micro entrepreneurs to the mainstream banking channel through leveraging technology. We are looking forward to unlock the potential of micro merchants and empower women entrepreneurs in order to building a resilient inclusive digital economy in Bangladesh" said Syed Minhaj Ahmed, Managing Director of CVC Finance.
Anjum Islam, CEO, Cye Retail Tech said, "We are extremely excited to work on this project with CVC Finance, who have the boldness to step away from traditional modes of financing to reach out to the small retailers who were previously underserved, which is very much aligned with the objectives of Cye Retail Tech."
