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  • Tuesday, May, 2024| Today's Market | Current Time: 12:21:13
  •  Mumbai : Vayana TradeXchange (VTX), GIFT City based International Trade Finance Service (ITFS) platform inked a partnership agreement with YES BANK, India’s leading financial powerhouse to transform the global trade finance landscape. The alliance will offer competitively priced credit solutions to both buyers and sellers on the VTX platform marking a significant spur in export factoring operations.

    The synergy between YES BANK’s comprehensive financial expertise and VTX’s innovative auction-based marketplace establishes a transformative ecosystem for trade finance. Together, the two entities are poised to deliver seamless access to a diverse range of trade finance products, enabling businesses of all sizes to adeptly handle trade receivables and payables. More importantly, this collaboration offers businesses enhanced control over cash flows, a critical aspect for thriving in today’s dynamic market. This tactical move marks a noteworthy advancement for YES BANK in export factoring transactions, paving the way for newer opportunities for Indian exporters and resulting in increased growth volumes of factoring in India.

    Mr. Ajay Rajan, Country Head –  Government, Multinational & International Business, Transaction Banking & Knowledge Units, YES BANK, said, “We are excited to collaborate with Vayana TradeXchange to offer innovative financing solutions to MSMEs, the backbone of Indian economy. This partnership reaffirms YES BANK’s commitment to empowering Indian businesses in taking their businesses globally. Our joint effort is a strategic step towards supporting India’s vision of becoming a $5 trillion economy, nurturing sustainable growth and prosperity for all.

    This strategic partnership will help serve as an efficient platform for Indian Exporters to navigate the complexities of cross border trade and avail efficient financing against their global receivables, thereby empowering Indian businesses to contribute towards India’s aim to create a USD 10 trillion economy, within which achieving exports of USD 2 trillion. This partnership reaffirms YES BANK’s commitment to foster financial innovation, being the first Bank to transact on the VTX platform and we believe such partnerships and solutioning could provide the much needed boost to India’s MSME exports contribution..”

    On this momentous occasion, Mr. Kalyan Basu, MD and CEO of VTX said, “Small and medium businesses (MSMEs) need easy access to affordable finance to thrive. Using YES BANK’s expertise, we aim to facilitate affordable credit to MSMEs. We strongly believe this partnership will be a game-changer for international trade finance, aligning with the government’s vision to make GIFT City a global trade finance hub. As India strives to become the world’s third-largest economy and a developed nation, empowering MSMEs is critical. By capturing the domestic market and scaling up production, these businesses can unlock the power of economies of scale, propelling India’s economic growth.”

    This partnership comes at a crucial juncture as India charts its course towards Viksit Bharat 2047, aiming for a trillion-dollar economy with trillion-dollar exports. With the manufacturing of semiconductors, EVs, solar panels, defense equipment, and other sectors gaining traction and the realignment of global supply chains to India, the need for affordable export financing becomes even more critical. As Mr Basu emphasised, fresh pools of capital are required to fuel the growth of the Indian economy.  VTX’s unique strategy of curated origination and digital asset distribution would make it the preferred partner for buyers, sellers, financiers, insurers, and logistical partners in the near future.

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