Mynd IFSC Pvt. Ltd., a subsidiary of Mynd Solutions Pvt. Ltd., has received approval from the International Financial Services Centres Authority (IFSCA) to commence operations of its International Trade Financing Services (ITFS) platform, branded as M1NXT. This new platform, launched at India’s International Financial Services Centre (IFSC) in GIFT City, Gandhinagar, is designed to meet the working capital needs of exporters and importers by providing efficient, transparent, and cost-effective financing solutions through digital channels.
M1NXT enables quick conversion of trade receivables into cash, facilitating seamless transactions across global markets. During its sandbox testing phase in June 2024, M1NXT successfully completed 17 live commercial transactions, demonstrating its potential in enhancing global trade finance.
Sundeep Mohindru, Promoter & Director of Mynd Group, emphasized that M1NXT ITFS is designed to give Indian exporters seamless access to working capital through a secure and transparent digital platform. He noted that this launch is a pivotal step towards enhancing India’s presence in global trade and aligns with the company’s vision of offering cost-effective financing solutions for cross-border transactions. He also expressed gratitude to IFSCA and GIFT SEZ authorities for their support.
Munindra Verma, CEO of M1NXT, highlighted that the introduction of M1NXT ITFS at India’s IFSC in GIFT City, Gandhinagar, reflects the company’s dedication to innovating global trade finance. He mentioned that by leveraging digital channels and an expanding network of partners, the platform brings advanced technology to exporters and importers. Referring to the ADB’s 2023 Trade Finance Gaps, Growth, and Jobs Survey, he expressed confidence that India’s financial services technology, like ITFS, would play a significant role in closing the global trade finance gap, thus boosting global trade and economic growth.
He also acknowledged the support from financial partners, including IndusInd Bank IBU Gift City and India Factoring and Finance Solutions Pvt. Ltd., as well as key stakeholders such as GIFT City, GIFT SEZ, and IFSCA. He expressed excitement about launching full commercial transactions with the growing ecosystem, which includes SBI GIFT City IBU, SBI Frankfurt, Yes Bank, Union Bank of India, Drip Capital Inc., and other respected exporters and importers.
Sumant Kathpalia, Managing Director & CEO of IndusInd Bank, expressed pride in being the first bank to engage in export financing transactions on the M1NXT ITFS platform. He highlighted that this collaboration underscores the bank’s commitment to supporting cross-border trade finance through innovative digital solutions. The success of these transactions, he noted, demonstrates the transformative potential of digital trade finance platforms in improving efficiency, transparency, and reducing costs. Kathpalia reaffirmed IndusInd Bank’s dedication to enhancing global access to working capital and driving positive change in the trade finance sector.
Ravi Valecha, CEO of India Factoring, remarked that M1NXT ITFS is poised to play a key role as India works towards achieving an export target of $1 trillion by 2030 and becoming the world’s third-largest economy. He emphasized the platform’s commitment to offering tailored, market-driven cross-border trade factoring solutions that will bolster Indian exports and contribute to the nation’s economic objectives.
The launch has garnered support from key financial institutions, including IndusInd Bank and India Factoring and Finance Solutions Pvt. Ltd., with IndusInd Bank participating in the platform’s first export financing transactions. The collaboration underscores the platform’s potential to enhance efficiency and reduce costs in the trade finance sector.
M1NXT is positioned as a next-generation working capital solution for global trade, offering a paperless, secure, and competitive platform for international factoring products. With ambitions to significantly impact India’s export targets, M1NXT is set to play a crucial role in the nation’s economic growth strategy.
