M1 Exchange GIFT City Set to Launch Operations Within Three Months

M1 Exchange GIFT City Set to Launch Operations Within Three Months


Amazon-Backed M1 Exchange to Launch Facility for MSME Exporters at GIFT City

M1 Exchange, a platform dedicated to trade receivables and bill discounting for MSMEs, which is backed by Amazon, is set to establish a facility for MSME exporters at the Gujarat International Finance Tec-City (GIFT City). The platform has already obtained a license from the International Financial Services Centre Authority (IFSCA) of GIFT City. In addition to 3 other platforms, M1 Exchange intends to tap into the $17 trillion probable of supply chain finance in worldwide trade. The GIFT City facility will operate through a wholly-owned subsidiary.

READ NOW
Portugal’s Central Bank Chief Labels Cryptocurrency as Unsustainable, Urges Worldwide Regulation

Enabling Financing for SME Exports

Sundeep Mohindru, CEO of MYND Solutions Private Ltd, the promoter of M1 Exchange, stated that they will replicate their financing services for SMEs in India to support exports by factoring invoices. Mohindru added that invoice discounting for Indian SMEs will be made possible using international banks or banks based in GIFT City. The discount rate for Indian SMEs will depend on the creditworthiness of the customer outside India rather than the financials of the exporting SME, resulting in cost savings of 3-4% for Indian SMEs.

Upcoming Facility and Investor Support

The sandbox testing phase is as of now underway, and the facility is expected to go live for customers within 3 months. Along with Amazon’s 10% stake in M1 Exchange, other investors include deal funds such as Sidbi Deal Financial resources Funds, BeeNext, Mayfield, and B2B platform Indiamart. Furthermore, Indian-licensed trade-financing platforms that utilize blockchain technology may likewise be explored for use in GIFT City ventures.

READ NOW
Cooling Down: Bitcoin’s Ordinal Inscriptions Ease Up Following Historic Peak

Hot Take: Boosting MSME Exports with Trade Financing

M1 Exchange, with the support of Amazon and other investors, is expanding its services to support MSME exports. By establishing a facility at GIFT City, the platform intends to enable financing for MSME exporters by factoring invoices through international banks or banks based in GIFT City. This move is expected to result in cost savings for Indian SMEs and tap into the whole lot of probable of supply chain finance in worldwide trade. With the sandbox testing phase underway, the facility will be available to customers in 3 months, further bolstering India’s MSME sector.

READ NOW
UAE’s M2 Exchange Poised to Challenge Binance in the Cryptocurrency Market
Author – Contributor at | Website

Cindy Dutta emerges as a polymath of the crypto realm, seamlessly blending the roles of analyst, researcher, and editorial virtuoso. Navigating the intricate labyrinth of cryptocurrencies, Cindy unfurls intricate patterns of digital assets, resonating harmoniously with minds of all kinds. Her knack for unraveling enigmatic crypto intricacies intertwines effortlessly with her editorial finesse, transmuting complexity into an immersive symphony of comprehension.

READ NOW
Former Galaxy Executive Tim Grant Becomes CEO of Deus X Capital’s Launch
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend