(Alliance News) - Supply@Me Capital PLC on Thursday noted that new Italian legistlation has come into effect, introducing "security interest" to the country.
The London-based fintech platform said the new legislation will provide Italian banks with greater opportunities to adopt its Supply@Me platform for use under white label agreements.
The regulation allows businesses to create a security on a moveable asset without the need to grant permission to the creditor.
Chief Executive Alessandro Zamboni said: "The Pegno Non Possessorio legislation provides greater security for funders seeking to monetise or finance inventories in Italy. Its long-awaited implementation allows for much needed working capital solutions for businesses. It also strengthens our proposition as inventory scientists, particularly for traditional funders."
"Supply@ME has anticipated the legislation coming into effect for some time and we are the first player in the market to leverage it for an inventory monetisation transaction."
Supply@Me shares were down 0.7% at 0.14 pence each in London on Thursday afternoon.
By Harvey Dorset, Alliance News reporter
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Supply@me Cap (SYME)