Mumbai, January 16, 2024: In a pioneering move, YES BANK has etched its name as the first Indian bank to conduct an export finance transaction on the International Trade Financing Services Platform (ITFS) of RXIL Global IFSC Limited (RXIL), a leading cross-border fintech firm registered under the International Financial Services Centres Authority (IFSCA). This landmark collaboration facilitates the provision of credit for exporters and importers from both Indian and global institutions through innovative services such as Factoring, Forfaiting, and other trade financing mechanisms, all available at competitive rates with a rapid turnaround, thanks to the efficiency of the digital platform. This transaction marks the inaugural use of the ITFS platform in partnership with a bank in India.
Expressing enthusiasm about this strategic alliance, Mr. Ajay Rajan, Country Head – Government, Multinational & International Business, Transaction Banking & Knowledge Units at YES BANK, stated, “We take pride in being part of this significant strategic achievement. The partnership between YES BANK and RXIL underscores the bank’s dedication to digitalization and the promotion of cross-border business. We firmly believe that this product is poised to reshape the landscape of international trade finance, reaffirming the bank’s commitment to contribute to the government’s vision of positioning India as a global trade finance powerhouse.”
Mr. Ketan Gaikwad, Director of RXIL Global IFSC Ltd and MD & CEO of RXIL, remarked, “RXIL is leading the charge in driving transformative change in cross-border trade finance. The establishment of ITFS in IFSC, GIFT City Gujarat, aims to harness global capital flows to meet India’s development needs while providing a globally competitive financial platform for a comprehensive range of international financial services at the regional and global levels. Our collaboration with YES BANK, bolstered by digital banking capabilities, will play a pivotal role in realizing our mission of enhancing India’s trade finance landscape by making competitive credit accessible to exporters and importers.”
This partnership symbolizes a new era in cross-border payments, offering a seamless and efficient platform that supports the growth and development of Indian and global enterprises, unleashing their full potential in the realm of global trade and commerce within the visionary framework of IFSCA.
