MUFG Bank Collaborates with M1xchange
As per the latest news, MUFG Bank has recently joined hands with M1xchange to provide digital invoice financing solutions to the bank’s clients. Under M1xchange’s TReDS (Trade Receivables Discounting System), MSME suppliers will benefit from early financing for their receivables under a bidding instrument. These solutions are funded by MUFG Bank, which bears the credit risk of the corporate purchasers. This association of the two enables MUFG Bank to utilise the digital ecosystem laid out by M1xchange, thereby improving the proficiency of its client services.
Rohit Narayanan, director and head of transaction banking at MUFG India, stated, “We are glad to utilise TReDS to help our corporate clients spread in India additionally. The cooperation with M1xchange highlights our obligation to meet the developing trade finance requirements of the industry. This partnership allows us to facilitate digital trade solutions to our clients while increasing the value of MSME ventures which are the end clients of this production network.”
Sundeep Mohindru, Managing Director & CEO of M1xchange, stated, “The association between MUFG Bank and M1xchange is another crucial step towards the arrangement of financing to MSME and micro-category business. Lesser completion time and lower administrative costs would help MUFG Bank to extend digital invoice finance solutions in India.”
MUFG Bank is helping technology startups to boost through its $300-million Ganesha Fund and is also enabling them to utilise the bank’s network across geographies to develop. As MUFG bank increases its innovation initiatives, it will keep teaming up with partners in India to bring new digital technologies to encourage its clients’ endeavours for a safe future.