(MENAFN- KNN India)
New Delhi, Oct 9 (KNN) India Exim Finserve IFSC Pvt Ltd, a subsidiary of the Export-Import bank of India, has formed a strategic partnership with VoloFin to enhance receivables finance solutions for Indian exporters.
This collaboration aims to address critical trade finance gaps, particularly for small and medium-sized enterprise (SME) exporters, who are vital to India's economic growth.
The partnership will focus on facilitating open-account trade between India and its global partners. New India Assurance has joined as the credit insurance partner, with reinsurance support from Atradius, a major global credit insurer.
This venture is supported by the first bank policy from GIFT City, highlighting the financial hub's importance in expanding India's international trade reach.
Hirva Mamtora, Managing Director & CEO, India Exim Finserve, emphasised the significance of the partnership, stating that VoloFin's role as a business facilitator will help them connect with SME exporters and importers through its existing network.
Mamtora also acknowledged the support from New India Assurance in providing a novel trade finance insurance policy from GIFT City, which is expected to boost exports from India, especially in the SME sector.
Rita Mishra, Chief Regional Manager, New India Assurance - GIFT City, expressed enthusiasm about closing the first trade credit insurance policy within GIFT City, marking a significant milestone for the company.
Mishra also recognised the support of their reinsurer, Atradius, and expressed confidence in the long-term potential of the collaboration with India Exim Finserve.
VoloFin, a fintech company specialising in factoring and supply chain financing, operates globally with a presence in Singapore, India, and the USA.
The company has established successful partnerships with leading financial institutions to provide comprehensive financial solutions.
India Exim Finserve IFSC Pvt Ltd, based in GIFT City, was established to offer non-recourse export factoring services to Indian exporters, playing a crucial role in facilitating the country's international trade.
New India Assurance, India's largest general insurance company, operates in 25 countries and offers reinsurance and direct trade credit insurance through its GIFT City unit.
Atradius, a global leader in credit insurance and risk management, operates in over 50 countries, providing businesses worldwide with protection against the risks associated with selling goods on credit.
(KNN Bureau)
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