Yes Bank Ltd. has become the first Indian bank to execute an export finance transaction on the International Trade Financing Services Platform of RXIL Global IFSC Ltd.
The bank's partnership with the fintech company will aim to improve trade credit for exporters and importers from both Indian and global institutions through factoring, forfaiting and other trade financing services at competitive pricing with quick turnaround using a digital platform, according to a release..
Yes Bank said this is the first transaction on the ITFS platform in collaboration with any Indian bank.
"The collaboration between Yes Bank and RXIL is a testament to the bank's commitment towards digitalisation and fostering cross-border business," Ajay Rajan, country head of Yes Bank, said. "We strongly believe that this product is set to redefine the landscape of international trade finance."
"The setting up of the ITFS in IFSC, Gift City, Gujarat, is aimed at tapping global capital flows to meet India's development needs and simultaneously provide a globally competitive financial platform for the full range of international financial services at the regional and global level," Ketan Gaikwad, chief executive officer of RXIL, said.
"Our collaboration with Yes Bank, coupled with digital banking capabilities, will play a pivotal role in achieving our mission of intensifying India's trade finance landscape by making competitive credit available to exporters and importers," Gaikwad said.
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