Gandhinagar : Mynd IFSC Pvt. Ltd. has received permission from International Financial Services Centres Authority (IFSCA) for commencement of commercial operations of its International Trade Financing Services (ITFS) Platform.
Mynd IFSC Pvt Ltd, a subsidiary of Mynd Solutions Pvt Ltd, the operator of India’s leading TReDS platform will operate its ITFS platform in the brand name M1NXT. M1NXT 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 commercial transactions, as a part of Sandbox testing, in June 2024.
Sundeep Mohindru, Promoter & Director of Mynd Group, said, “With M1NXT ITFS, our goal is to provide Indian exporters with easy access to working capital through a transparent and secure digital platform. This launch is a significant step in 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 IFSCA and GIFT SEZ authorities for their support.”
Munindra Verma, Chief Executive Officer of M1NXT, added, “The launch of M1NXT ITFS at India’s International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, India showcases our commitment to innovation in Global Trade Finance. By leveraging digital channels along with growing network of partners, we bring world class technology at the fingertips of exporter and importers. Referring to ADB’s 2023 Trade Finance Gaps, Growth, and Jobs Survey, we believe India’s Financial Services technology, like ITFS, will be a credible force to address the funding gap in global trade finance, accelerating global trade & economic growth in the times to come.
According to Verma, their financial partnersincludes IndusInd Bank IBU Gift City and India Factoring and Finance Solutions Pvt Ltd and key stakeholders viz GIFT City, GIFT SEZ and IFSCA. The company has launched full commercial transactions in cooperation with growing ecosystem that currently includes SBI GIFT City IBU, SBI Frankfurt, Yes Bank, Union Bank of India, Drip Capital Inc. and several reputed exporters and importers.
Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said: “IndusInd Bank is delighted to be the first Bank to participate in export financing transactions on the M1NXT ITFS platform. This collaboration underscores our dedication to support cross-border trade finance through innovative and digital financial solutions. The success of these transactions highlight the transformative potential of digital trade finance platforms in enhancing efficiency, transparency, and reducing 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 sector.”
Commenting on the new platform, Ravi Valecha, Chief Executive Officer, India Factoring said “M1NXT, ITFS is set to play a crucial role as India aims to achieve an export target of $1 trillion by 2030 and become the third-largest economy globally. The platform is committed to providing custom, market-driven cross-border trade factoring solutions to boost Indian exports and contribute to the nation’s economic goals.”
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