Mynd IFSC Pvt Ltd, a subsidiary of Mynd Solutions Pvt Ltd, the operator of India’s leading TReDS platform, will operate its ITFS platform under the brand name M1NXT. M1NXT is designed to meet the working capital needs of exporters and importers and facilitate global trade with low-cost, transparent and efficient financing through digital channels. The platform aims to quickly convert trade receivables into cash and seamlessly meet the financing needs of exporters and importers across geographies. During sandbox testing, M1NXT successfully completed 17 live trade transactions in June 2024.
Sundeep Mohindru, Promoter and Director, Mynd Group, said in a statement, “With M1NXT ITFS, our aim is to provide easy access to working capital to Indian exporters through a transparent and secure digital platform. This launch is an important step towards strengthening India’s position in global trade and is in line 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, Chief Executive Officer, M1NXT added, “By leveraging digital channels and a growing partner network, we are providing best-in-class technology to exporters and importers. Referring to the ADB Trade Finance Gap, Growth and Jobs Survey 2023, we believe that India’s financial services technology like ITFS will be a credible force to bridge the financing gap in global trade finance and accelerate global trade and economic growth in the coming times. We look forward to executing complete trade transactions in collaboration with our growing ecosystem which currently includes SBI GIFT City IBU, SBI Frankfurt, Yes Bank, Union Bank of India, Drip Capital Inc. and several renowned exporters and importers.”
Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said, “IndusInd Bank is delighted to be the first bank to participate in export finance transactions on the M1NXT ITFS platform. This collaboration underscores our commitment 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 in improving efficiency, transparency and reducing costs. At IndusInd Bank, we are committed to improving our customers’ access to working capital globally and driving positive change in the trade finance sector.”
Ravi Valecha, CEO, India Factoring, said, “M1NXT, ITFS will play a critical role as India aims to achieve an export target of $1 trillion by 2030 and become the world’s third largest economy. The platform strives to provide customized, market-driven factoring solutions for cross-border trade to boost Indian exports and contribute to the country’s economic goals.”
