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IFSC Code: Mynd IFSC Pvt. Ltd has received permission from the International Financial Services Centres Authority (IFSCA) to commence commercial operations of its International Trade Financing Services (ITFS) platform.
Mynd IFSC Pvt. Ltd., a subsidiary of India's leading TReDS platform operator Mynd Solutions Pvt. Ltd. This ITFS platform will operate under 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 finance through digital channels. The platform aims to easily meet the financing needs of exporters and importers across various geographies by quickly converting trade receivables into cash. M1NXT successfully completed 17 lines of commercial transactions as part of sandbox testing on June 2024.
Sandeep Mohindroo, Promoter and Director, Mind Group said, “With M1NXT ITFS, we aim to provide easy access to working capital to Indian exporters through a transparent and secure digital platform. This launch is an important step to strengthen India's position in global trade. It is in line with our goal of providing cost-effective financing solutions for cross-border trade. We are grateful to IFSCCA and GIFT SEZ administration for their support.
Munindra Verma, CEO, M1NXT, said, “The launch of M1NXT ITFS at India’s International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, India reflects our commitment to innovation in global trade finance.
Leveraging digital channels with a growing network of partners, we aim to bring world-class technology to the fingertips of exporters and importers. Citing ADB's 2023 Trade Finance Gaps, Growth and Jobs Survey, we believe India's financial services technology like India's ITFS will be a credible force to bridge the funding gap in global trade finance and accelerate global trade and economic growth in the future.
We extend our heartfelt thanks to our financial partners Indusind Bank IBU GIFT City and India Factoring and Finance Solutions Pvt. Ltd. and the key stakeholders of GIFT City, GIFT SEZ and IFSCCA for supporting and guiding us in this journey.
Sumant Kathpalia, Managing Director and CEO, IndusInd Bank said that IndusInd Bank is delighted to be the first bank to participate in an export finance transaction on the M1NXT ITFS platform. This association underlines our dedication to support cross-border trade finance through innovative and digital financial solutions. The success of these transactions reflects the transformational 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.
Speaking at the new Forum, Ravi Valecha, CEO, India Factoring, said M1NXT is well positioned to play a key role in India's goal of achieving $1 trillion export target by ITFS 2030 and becoming the third largest economy globally. The Forum is committed to providing custom, market-driven cross-border trade factoring solutions to enhance Indian exports and contribute to the country's economic goals.
