Former Citi Chairman joins the advisory board of Dubai based Fintech Supply Chain

Former Citi Chairman joins the advisory board of Dubai based Fintech Supply Chain

Online PR News – 09-May-2017 – Bangalore – r’
Bengaluru, Tuesday, May 9, 2017 – Invoice Bazaar, a FinTech Supply Chain Finance platform in the United Arab Emirates today announced an investment from Shirish Apte, former CEO and Chairman Asia Pacific of Citigroup. “Having seen the business model of many FinTech start-ups that continue to pitch, I found the business model of Invoice Bazaar compelling, as it complements banks’ offering rather than trying to compete with banks. The marriage of Banks with FinTechs in my opinion is the model of the future,” said Shirish Apte who also joins the advisory board of Invoice Bazaar as part of his undisclosed investment in Invoice Bazaar.

Invoice Bazaar which started a year back in Dubai has now expanded to India and Singapore, where the start-up is trying to replicate the UAE model. Invoice Bazaar Supply Chain Finance (SCF) platform connects large Buyers with SME suppliers which enables SME suppliers to avail early payment on their receivables. So far, the liquidity for early payments was being generated from non-bank funds and now Invoice Bazaar is partnering with local banks to unearth liquidity to SME suppliers against their receivables.

“We are very pleased to have Shirish backing us in our endeavour. Shirish is one of the most respected bankers in the industry and his vintage, network and knowledge will help us open more avenues for Invoice Bazaar as we move into our next phase of growth,” said Anand Nagaraj, Founder & CEO of Invoice Bazaar.

Shirish has over 30 years’ experience with Citigroup. In 1997, he took the position of Citibank’s President and Country Manager for Poland. Shirish was responsible for Citibank's acquisition of Bank Handlowy in 2000, following which he was appointed Deputy President and Chief Operating Officer for Citibank Handlowy. During 2000 to 2003, he also led the merger and integration of Citibank Poland and Bank Handlowy.

From 2003 to 2009, Shirish was CEO for CEEMEA (Central Eastern Europe Middle East and Africa) Region, before becoming CEO for Asia Pacific in 2009. He was a member of Citigroup's Executive and Operating Committees as well as chairman of Citi Asia Pacific Banking until his retirement in early 2014.

Shirish is a Chartered Accountant from the Institute of Chartered Accountants of England & Wales and holds an MBA from the London Business School.
Invoice Bazaar is a Dubai based FinTech start-up which has developed a technology platform through an in-house technology entity, for offering Supply Chain Finance, Receivables Finance and Dynamic Discounting. Invoice Bazaar’s team has over 50 years of combined work experience across banking and technology in global organizations like Citi, HSBC and Goldman Sachs. The platform provides opportunity for large buyers to help their SME suppliers by having their receivables paid early.