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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