Mynd IFSC Pvt. Ltd. has received permission from the International Financial Services Centres Authority (IFSCA) to commence commercial operations of its International Trade Financing Services (ITFS) platform.

Mynd IFSC Pvt Ltd, a subsidiary of Mynd Solutions Pvt Ltd, the operator of India’s leading TReDS platform, will operate its ITFS platform under the brand name M1NXT. M1NXT is designed to meet the working capital needs of exporters and importers, facilitating global trade with cost-effective, transparent, and efficient financing through digital channels.

The platform aims to convert trade receivables into cash quickly, addressing the financing needs of exporters and importers across geographies, in a seamless manner. M1NXT successfully concluded 17 live commercial transactions as a part of Sandbox testing in June 2024.

Sundeep Mohindru, Promoter & Director of Mynd Group, said, “With M1NXT ITFS, our goal is to provide Indian exporters with easy access to working capital through a transparent and secure digital platform. This launch is a significant step in strengthening India’s position in global trade. This aligns with our vision of cost-effective financing solutions for cross-border trade. We are grateful to IFSCA and GIFT SEZ authorities for their support.”

M1NXT is a next-generation working capital solutions provider for global exporters and importers. It is a seamless, competitive, secure, and paperless online platform for international factoring products, approved for sandbox testing under regulatory supervision.

While M1xchange is a TReDS (Trade Receivables Discounting) exchange that started in April 2017. M1xchange facilitates the financing of trade receivables of MSMEs from corporate buyers through ‘factoring’ or ‘invoice discounting’ by financiers (Banks and NBFC). 

“The launch of M1NXT ITFS at India’s International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, India, showcases our commitment to innovation in global trade finance.” By leveraging digital channels along with a growing network of partners, we bring world-class technology at the fingertips of exporters and importers. Referring to ADB’s 2023 Trade Finance Gaps, Growth, and Jobs Survey, we believe India’s financial services technology, like ITFS, will be a credible force to address the funding gap in global trade finance, accelerating global trade and economic growth in the times to come,” added Munindra Verma, Chief Executive Officer of M1NXT.

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