Vayana Network begins operations of its ITFS platform, Vayana TradeXchange (VTX), Initiates the first transaction in partnership with VoloFin
Vayana TradeXchange is aiming to do over USD 100 million worth of transactions in the first quarter of operation after successful completion of ‘sandbox‘
MUMBAI, India, Nov. 25, 2022 /PRNewswire/ — Vayana TradeXchange, the International Trade Financing Services (ITFS) platform facilitating cross-border trade finance under the supervision of the International Financial Services Centres Authority (IFSCA), GIFT City, announced the completion and disbursement of its first set of export financing transactions.
Vayana TradeXchange (VTX) is built and operated by Vayana (IFSC) Pvt. Ltd., a 100% subsidiary of Vayana Network, the largest Supply Chain Finance platform in India.
The first set of transactions on VTX have been financed by VoloFin, a global fintech company offering invoice and supply chain finance solutions to SME businesses. The first cross-border transaction between an Indian Exporter and the USA Buyer was successfully financed on VTX by VoloFin.
VTX, the auction-based electronic platform, will facilitate the financing of international trade flows by introducing various trade financing products at competitive terms. This will help exporters and importers in India and across the globe to convert their receivables into cash or obtain financing for payments of imports of goods & services.
Through this platform, exporters and importers will gain timely access to trade finance seamlessly across geographies, opening avenues to new business opportunities. The rates are discovered through a transparent bidding mechanism, with funds available in the currency of trade.
VTX has already onboarded State Bank of India, Yes Bank, India Factoring, VoloFin and Drip Capital as financiers and is envisaging to onboard another 10 financiers soon. The platform is seeing a lot of early traction with more than 10 exporters/importers at various stages of registration on the platform.
Commenting on the success of the first transaction on VTX, Ram Iyer, Founder and CEO of Vayana Network, said, “We are delighted to commence the first transaction on Vayana TradeXchange, and bring to the market innovative solutions to facilitate cross-border trade finance.”
Mr. Kalyan Basu, MD & CEO, Vayana TradeXchange, said, “It gives us great pleasure to announce the successful initiation and completion of the first set of export financing transactions on the Vayana TradeXchange platform. We are glad to welcome the first participants and believe this marks the beginning of a pathbreaking journey in global trade. The platform is one of its kind implemented and operationalized across the globe. It has immense potential in terms of capability, innovation and reach to be the go-to platform for digitised cross-border trade finance in the days to come. We are aiming to do over USD 100 million worth of transactions in the first quarter of operation after successful completion of ‘sandbox‘.”
Mr. Mohit Agarwal, Co-founder & CEO, VoloFin, said, “We look forward to a successful collaboration with VTX, this partnership will enable quick and easy access of finance to SMEs. With VoloFin’s next-gen platform and wider global coverage combined with VTX’s large network in India, we hope to benefit a large number of SMEs and help their business grow.”
About Vayana TradeXchange:
Vayana TradeXchange is a digital trade finance platform that connects financiers, importers, and exporters from all over the world to ensure working capital is available seamlessly, at rates discovered through a transparent bidding mechanism. It is owned and operated by Vayana (IFSC) Pvt. Ltd., a wholly-owned subsidiary of Vayana Network. Vayana is India’s largest trade finance platform with over USD 12 billion in trade flows to more than 2,00,000 enterprises across 1000+ supply chains. With its proprietary technology, Vayana has processed over 3 million transactions, with the network today spanning 600 cities and 1450+ pin codes in India and extends to 20 countries across the globe. Vayana is also India’s largest GSP (GST Suvidha Provider), facilitating GST, E-Way bill and E-invoicing for numerous corporates and lakhs of SMEs.
Vayana TradeXchange is among the new generation International Trade Finance Services (ITFS) platform regulated by the guidelines issued by International Financial Services Centres Authority (IFSCA), GIFT City. Buyers, sellers and financiers can register with VTX by visiting https://vayanatradexchange.com/.
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