NCDEX e Markets signs pact with Finchain Technologies for trade finance
NCDEX e Markets, an integrated electronic markets platform for commodities and intangibles, has signed an agreement with Finchain Technologies to provide trade finance options.
Under the deal, Finchain, an emerging fintech company engaged in a supply chain based on anchor points and invoice-backed financing, will offer invoice discount and trade finance options to buyers / sellers. on various NeML platforms based on online cash delivery.
Mrugank Paranjape, CEO of NeML, said the platform records more than 10,000 crore in transactions on its platforms. The combination will provide participants with attractive commercial financing options at preferential rates.
This move will bring more liquidity, which will result in better, robust and transparent price discovery on electronic market platforms, he said.
Joseph Abraham, co-founder of Finchain Technologies, said he will offer a bunch of unsecured trade finance options to ensure NeML trade participants have access to easy and hassle-free trade finance options. share of lending partners ranging from 5 lakh to 10 crore. at competitive rates.
Finchain and NeML will also strengthen the capacities of MSMEs under banking and promote financial literacy and inclusion in the agricultural commodity segment across India through various partnerships, he said.