Mynd IFSC Pvt Ltd, a subsidiary of Mynd Solutions Pvt Ltd, India’s leading TReDS platform operator, will operate its ITFS Platform under the M1NXT brand. M1NXT It is designed to meet the working capital needs of exporters and importers, facilitating global trade with cost-effective, transparent and efficient financing through digital channels. The platform aims to convert trade receivables into cash quickly, addressing the financing needs of exporters and importers across geographies, in a seamless manner. M1NXT successfully concluded 17 live trade transactions, as part of the Sandbox testing, in June 2024.
Sundeep Mohindru, Promoter & Director, Mynd Group, said in a statement, “With M1NXT ITFS, we aim to provide Indian exporters with easy access to working capital through a transparent and secure digital platform. This launch is an important step towards strengthening India’s position in global trade. This aligns with our vision of cost-effective financing solutions for cross-border trade. We are grateful to the IFSCA and GIFT SEZ authorities for their support.”
Munindra Verma, CEO of M1NXT, added, “By leveraging digital channels along with a growing network of partners, we bring world-class technology within reach of exporters and importers. Referring to the ADB’s Trade Finance Gap, Growth and Jobs Survey 2023, we believe that Indian financial services technology, such as ITFS, will be a credible force in addressing the financing gap in Financing global tradeaccelerating global trade and economic growth in the times ahead. We are excited to launch full-fledged trade transactions in cooperation with our growing ecosystem that currently includes SBI GIFT City IBU, SBI Frankfurt, Yes Bank, Union Bank of IndiaDrip Capital Inc. and several well-known exporters and importers.”
Sumant Kathpalia, MD & CEO, IndusInd Bank, said, “IndusInd Bank is delighted to be the first bank to engage in export finance transactions on the M1NXT ITFS platform. This collaboration underlines our dedication to supporting cross-border trade finance through innovative and digital financial solutions. The success of these transactions highlights the transformative potential of digital trade finance platforms to improve efficiency, transparency and reduce costs. At IndusInd Bank, we are committed to improving access to working capital for our customers globally and driving positive change in the trade finance industry.”
Ravi Valecha, CEO, India Factoring, said, “M1NXT, ITFS is poised to play a crucial role in India’s goal of achieving a $1 trillion export target by 2030 and becoming the world’s third-largest economy. The platform is committed to providing customized, market-driven cross-border trade factoring solutions to boost Indian exports and contribute to the country’s economic goals.”
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.