M1 NXT has partnered with YES BANK to offer digital cross-border factoring solutions for
Indian exporters. The collaboration aims to expand access to export receivables financing,
reduce reliance on letters of credit and improve working-capital flows.
International Trade Financing Services (ITFS) Platform MINXT on Monday announced that it has partnered with YES BANK, to provide cross-border factoring solutions, beginning with services for exporters in India
The partnership would potentially enable over 1500 anchors registered on M1xchange TReDS platform to gain access to export receivables factoring under this program. The solution reduces exporters’ dependence on Documentary Letters of Credit and enables faster access to working capital without requiring overseas buyers to establish such instruments.
“Our partnership with YES BANK is a significant step in enhancing a Supply Chain Finance channel to support corporate exporters in global trade and aligns with our vision of cost-effective financing solutions for cross-border trade,” said Sundeep Mohindru, Promoter & Director, Mynd Group.
The collaboration aims to enable Indian exporters to mitigate risks related to delayed payments and buyer insolvency, while supporting them in offering competitive trade terms to international buyers
“This collaboration between YES BANK and M1 NXT ITFS reflects the Bank’s unwavering commitment to empower SMEs through digitalization and promoting cross-border export financing in line with its strategic objectives,” said Ajay Rajan, Country Head – Transaction
Banking, Government, MNC & New Economy Business, and IBU, YES BANK.
Under this partnership YES BANK has already executed its first export finance transaction, to a Hyderabad-based manufacturer and exporter, for goods supplied to a buyer in the USA and their subsidiary in Mexico.