ENA MSME 2024-08-20 16:04:47 <p><span style="font-size:14px"><strong>New Delhi, Aug 20 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">The platform, established by M1xchange, aims to bridge the gap between Indian MSMEs and international financial institutions.</span></p> <p><span style="font-size:14px">M1NXT ITFS, developed by Mynd IFSC Pvt Ltd, a subsidiary of Mynd Solutions Pvt Ltd, went live today.</span></p> <p><span style="font-size:14px">It is expected to immediately benefit over 30,000 existing customers of M1xchange, India's leading Trade Receivables Discounting System (TReDS) platform.</span></p> <p><span style="font-size:14px">This initiative aligns with recent government efforts to enhance credit flow to MSMEs.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Sundeep Mohindru, Promoter &amp; 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. </span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">IndusInd Bank has emerged as the first bank to participate in export financing transactions on the M1NXT ITFS platform.</span></p> <p><span style="font-size:14px">Sumant Kathpalia, Managing Director &amp; CEO, IndusInd Bank, highlighted the transformative potential of digital trade finance platforms in enhancing efficiency, transparency, and cost reduction.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39009 https://knnindia.co.in/news/newsdetails/msme/m1nxt-platform-kickstarts-global-factoring-services-for-msmes-from-gift-city 2024-08-20 16:04:47 knnindia.co.in