ITFS to help India achieve the USD 2 trillion Export Target
By siliconindia | Friday, 10 February 2023, 02:28:04 PM IST
Vayana TradeXchange (VTX) the leadingInternational Trade Finance Services (ITFS) platform conducted a roadshow in association with International Financial Services Centres Authority (IFSCA) the unified regulator atGujarat International Finance Tec-City - International Financial Services Centre(GIFT-IFSC).
The event was presided over by Shri Dipesh Shah, ED, IFSCA,other senior IFSCA representatives along with senior members from various Export Promotion Councils, Banks, Factoring & insurance companies, exporters/importers, CFOs of large corporates, MSMEs, and senior officials from Trade Credit Insurance companies.
Shri Dipesh Shah hailed ITFS as one of its kind and unique platform which in the coming days will completely change the way exporters in India access trade finance.It aims to democratise the trade finance space by providing an electronic platform that connects exporters, importers and financiers across the globe.
Shri Ram Iyer, Founder & CEO of Vayana Network, addressed the MSME exporters at the event and from his experience of running India's largest supply chain finance platform shared how VTX platform has been built keeping Vayana's ethos of a zero change in processes for the customer at its core thereby, reducing acquisition and servicing costs and allowing the smallest of businesses to secure finance from the largest of lenders at affordable rates.
As the world increasingly moves towards open account trade, trust is the most critical factor in keeping the supply chains moving.
With India increasingly becoming an important manufacturing destination coupled with the government's push-through schemes such as Make in India, PLI, it is critical that factoring is adopted as a means to build trust and minimise risk ina transaction to increase trade velocity.
World over, for the global economy to completely recover from the shock of the disruptions caused by the pandemic and for supply chains to become resilient, ITFS platforms such as VTX are need of the hour.
Shri Kalyan Basu, MD & CEO of Vayana TradeXchangeshared, “Transactions on the platform are moments of truth and VTX platform is well past that stage with 6 financiers from India and abroad, 10 sellers (exporters), from India and 7 buyers (importers)outside India. This end-to-end digital auction-based cross-border trade platform has no precedence across the globe and putting it together has been an amazing journey that has just begun.”
The platform offers a win-win for buyers sellers and financiers as they simply enter into a one-time agreement with VTX, enabling them to access new markets and grow their business.
Mr. Vinod Parmar, Director, Vayana TradeXchange, gave the closing remarks and said, "Through ITFS we envision a future where Indian exporters will be emboldened to grow their ambitions and expand their footprint across the world deepening their presence across global supply chains. This is India's decade and VTX willplay a pivotal role in making India the leading manufacturing hub."
The ITFS platforms like VTX will in near future allow buyers and sellers from anywhere in the world to access trade finance from multiple financiers through a unique bidding mechanism that will help them discover the best possible rates.
Vayana TradeXchange will soon sign MOUs with various Export Promotion Councils and trade associations to further create awareness about the platform among their members.
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