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DAILY NEWS ANALYSIS

  • 24 July, 2020

  • 5 Min Read

Open Credit Enablement Network (OCEN)

Open Credit Enablement Network (OCEN)

  • A nationwide pilot of the newly-developed credit protocol infrastructure – OCEN is all set to start.

About Open Credit Enablement Network (OCEN):

  • The credit protocol infrastructure is known as Open Credit Enablement Network (OCEN).
  • Indian Software Products Industry Round Table (iSPIRT) has developed the platform.
  • It will mediate the interactions between loan service providers (usually fintechs and mainstream lenders) including all large banks and NBFCs.
  • These will involve multiple banks and thousands of MSMEs.
  • Meanwhile, private equity and venture capital players, angel investors, high net worth individuals and others also could be part of this exercise as investors.
  • With this, credit is expected to become more accessible for a large number of entrepreneurs and small businesses in India.
  • It is believed that this would lead to the democratisation of credit.

Source: TH


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