M1xchange plans to strengthen Bengal MSMEs through TReDS

0
343
Image 1-Moulinath Ganguli, Director - Sales, M1xchange
Image 1-Moulinath Ganguli, Director - Sales, M1xchange
0 0
Azadi Ka Amrit Mahoutsav

InterServer Web Hosting and VPS
Read Time:1 Minute, 57 Second

M1xchange plans to strengthen Bengal MSMEs through TReDS
Kolkata, December 22, 2022: India’s leading TReDS Platform M1xchange plans to strengthen nearly 50 lakh MSMEs of West Bengal through Trade Receivable Discounting System (TReDS). The platform intends to offer early liquidity within 24 hours through its online bidding platform to Micro, Small and Medium Enterprises at a competitive rate in the state and offers a digital customer experience to MSMEs supported by a convenient and end-to-end digital process. This is a highly effective and efficient solution for the credit gap for MSMEs in India.

The RBI-approved TReDS platform M1xchange has signed MOU with multiple state governments. The support from the Govt. helps MSMEs operating in these regions to get easy access to working capital through M1xchange TReDS.

M1xchange has also signed MOU with the Ministry of MSME for Udyam portal. MSMEs will benefit from a two-way exchange of information between Udyam portal and M1xchange. All Udyam registered MSMEs will be able to onboard on M1xchange with an easy convenient process enabling them to leverage the full force of TReDS and access liquidity at the lowest possible cost in the country.

M1xchange has onboarded 50 banks and NBFCs. MSMEs can register on M1xchange to get their invoices financed without any hard collateral or security and without any recourse fee. To date M1xchange has facilitated bill discounting of more than INR 38,000 crores to more than 15,000 MSME suppliers spread across 1,400 towns from across the country including West Bengal.

“The cost of funding outside the banking system is very high for MSMEs. With this unique proposition developed by M1xchange TReDS, MSME enterprises will be able to utilise TReDS for receivables discounting from their corporate Buyers at market-determined interest rates using an auction method in which multiple financial institutions bid. Corporate buyers in turn will be able to procure at better prices and manage their inventory adequately,” said a spokesperson from M1xchange.

M1xchange has also started testing of ‘Small-Small Factoring’ product under the Reserve Bank of India’s (RBI’s) third cohort of the regulatory sandbox. The product aims at facilitating ‘early liquidity’ for MSME buyers and sellers. Once fully rolled out, the product is likely to help address the over $750-billion credit gap for MSMEs in India.

About Post Author

Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Advertisements

USD



LEAVE A REPLY

Please enter your comment!
Please enter your name here