(MENAFN- KNN India)
New Delhi, Aug 20 (KNN)
A new international trade financing platform, M1NXT ITFS, has been inaugurated in Gujarat International Finance Tec-City (GIFT City) to provide Indian Micro, Small, and Medium Enterprises (MSMEs) with access to global factoring services.
The platform, established by M1xchange, aims to bridge the gap between Indian MSMEs and international financial institutions.
M1NXT ITFS, developed by Mynd IFSC Pvt Ltd, a subsidiary of Mynd Solutions Pvt Ltd, went live today.
It is expected to immediately benefit over 30,000 existing customers of M1xchange, India's leading Trade Receivables Discounting System (TReDS) platform.
This initiative aligns with recent government efforts to enhance credit flow to MSMEs.
The Union Finance Ministry has been urging Indian banks to improve MSME financing, with the recent budget proposing a separate credit assessment model for these enterprises based on digital footprints and cash flows.
Sundeep Mohindru, Promoter & Director, Mynd Group, stated, "M1NXT ITFS aims to provide Indian exporters with easy access to working capital through a transparent and secure digital platform, strengthening India's position in global trade."
Munindra Verma, CEO of M1NXT, emphasised the platform's role in addressing the global trade finance gap, referencing the Asian Development Bank's 2023 Trade Finance Gaps, Growth, and Jobs Survey.
The platform has already facilitated commercial transactions with several partners, including SBI GIFT City IBU, SBI Frankfurt, Yes Bank, Union Bank of India, and Drip Capital Inc.
IndusInd Bank has emerged as the first bank to participate in export financing transactions on the M1NXT ITFS platform.
Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, highlighted the transformative potential of digital trade finance platforms in enhancing efficiency, transparency, and cost reduction.
This development represents a significant step towards integrating Indian MSMEs into the global financial ecosystem, potentially lowering financing costs and expanding access to international capital markets.
(KNN Bureau)
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