Oschadbank and Prozorro.Sale will cooperate in creating a factoring service

Prozorro.Sale and Oschadbank have signed a Memorandum of Cooperation to launch factoring. The new financial instrument will help businesses obtain asset-based financing faster, more transparently and more affordably.

The factoring service from Prozorro.Sale was implemented with the support of the Ministry of Economy of Ukraine and expert assistance from the International Finance Corporation (IFC) and the State Secretariat for Economic Affairs of Switzerland (SECO).

Prozorro.Sale's experience in organizing electronic auctions and the company's technical capabilities will be the basis for the development, launch and operation of the service. Oschadbank, for its part, will bring expertise in key economic sectors, including retail, metallurgy, agriculture and energy, as well as many years of experience in cooperation with public and commercial sector enterprises.

“We are pleased to become the first signatory of the Memorandum of Cooperation with Prozorro.Sale among banks. Oschad is currently preparing to launch factoring as a new product. We are interested in offering the highest standard of this financial service right away. I am confident that our bilateral cooperation will be beneficial for each of the parties,” said Yuriy Katsion, Deputy Chairman of the Board of Oschadbank.

The factoring service will become another source of working capital for small and medium-sized businesses, which often face difficulties in attracting financing. The cooperation between Oschadbank and Prozorro.Sale will help integrate all the necessary functions for the efficient operation of the business - both banks, suppliers and debtors - into the tool.

Factoring will be an important step towards creating a more accessible financial infrastructure for businesses in Ukraine.