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Today Date : Wednesday, June 19, 2024

M1xchange plans to strengthen MSMEs focusing

M1xchange plans to strengthen MSMEs focusing

India’s leading TReDS Platform M1xchange plans to strengthen more than 13 lakhs of MSMEs, focusing on the Automobile, Sugar, Textile and heavy engineering sectors in Tamil Nadu through Trade Receivable Discounting System (TReDS). 

The platform intends to offer early liquidity within 24 hours against invoices through its online bidding platform to Micro, Small and Medium Enterprises at a competitive rate  in the state and offers a digital customer experience to MSMEs supported by a convenient and end-to-end digital process.  This is a highly effective and efficient solution for the credit gap for MSMEs in India.

The RBI-approved TReDS platform M1xchange has on boarded 51+ financiers and recently has signed a memorandum of understanding with Tamil Nadu government to enable TReDS and help MSMEs operating in the region, get easy access to working capital against their invoices without any hard collateral or security and recourse. 

The platform has also signed an MOU with the Ministry of MSME, Government of India to onboard all Udyam registered MSMEs with an easy convenient process enabling them to leverage the full force of TReDS and access liquidity at the lowest interest rate in the country.“The cost of funding outside the banking system is very high for MSMEs. 

With this unique proposition developed by M1xchange TReDS, MSME enterprises will be able to utilise TReDS for receivables discounting from their corporate Buyers at market-determined interest rates using an auction method in which multiple financial institutions bid. Corporate buyers in turn will be able to procure at better prices and manage their inventory adequately” said a spokesperson from M1xchange.