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, in a statement,”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.”