Indian trade financing firm M1NXT is testing the country’s International Trade Financing Services (ITFS) platform.
With ITFS, small businesses will be able to get early payments at lower interest rates after exporting their goods, the website Financial Express reported Sunday (Jan. 22).
“The organization is trying to onboard and engage with as many national and international banks as possible for bringing the liquidity for the exporters of India,” Jacob Raphael, M1NXT’s chief executive, said in the report.
PYMNTS has contacted the company for comment but has not yet received a response.
The Financial Express report notes that while trade financing is a multitrillion dollar market, India accounts for just $6 billion of that share.
The company’s efforts come as digital technology is driving innovation in the world of trade finance, leading to a more streamlined process, as noted here recently.
Source: PYMNTS