Vayana TradeXchange Completes Its First Transaction With VoloFin
As per the latest news, Vayana TradeXchange, an International Trade Financing Services (ITFS) platform, providing international trade finance under the supervision of the International Financial Services Centre Authority, GIFT City, declared the completion and payment of its first set of export financing transactions. Earlier, the Vayana Network raised rs. 114 Cr to support MSMEs in trade credit.
Vayana TradeXchange (VTX) is established and operated by Vayana Pvt Ltd, a 100% subsidiary of Vayana Network, the renowned and largest Supply Chain Finance platform in India.
The reports reveal that the finance for completing the first set of transactions on VTX has been provided by VoloFin, an international FinTech organization, facilitating invoice and supply chain finance solutions to small and medium-sized businesses (SMEs). The first global transaction between an Indian exporter and a USA buyer was effectively funded on VTX by VoloFin.
VTX, the auction-based electronic platform, will work towards facilitating the funding of global trade transactions by introducing a range of trade finance products at competitive terms. This will enable exporters & importers in India and across the globe to get funding in exchange for their receivables or for payments for imports of goods & services.
This platform helps importers and exporters with timely access to trade finance services efficiently across geographies, opening roads to new business potentials. The rates are found through a straightforward bidding mechanism, with the reserves accessible in the currency of trade.
VTX already embarked on State Bank of India, Yes Bank, India Factoring, VoloFin and Drip Capital as fundraisers and is forecasting to embark on another 10 fundraisers soon. The platform is seeing several early tractions with over 10 exporters/importers at various stages of registration on the platform.
Remarking on the success of the first transaction on VTX, Ram Iyer, Founder and CEO of Vayana Network stated, “We are happy to initiate the first transaction on Vayana TradeXchange, and bring the latest solutions to the market to offer international trade finance.”
Kalyan Basu, MD & CEO, of Vayana TradeXchange, stated, “It gives us immense pleasure to declare the effective initiation and completion of the first set of export financing transactions on the Vayana TradeXchange platform. We are delighted to invite the main members and believe this denotes the beginning of a turning point journey in global trade. The platform is one of its kind applied and operationalized across the globe. It has great potential in terms of capability, innovation and coverage to be an instant platform for digitized international trade in the upcoming days. We are focusing on operating over USD 100 million worth of transactions in the first quarter of operation.”
Mohit Agarwal, Co-founder & CEO, VoloFin stated, “We anticipate a long-term association with VTX, this collaboration will empower quick and easy access to financing for SMEs. With VoloFin’s next-gen platform and extensive global reach combined with VTXs large network in India, we hope to provide benefits to a large number of SMEs and aid their business development.”