Yes Bank on Wednesday became the first Indian bank to execute an export finance transaction on the International Trade Financing Services Platform (ITFS) of RXIL Global IFSC Limited (RXIL), a leading cross-border fintech company registered under the International Financial Services Centres Authority (IFSCA).
This strategic partnership facilitates arranging 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, the bank said in a press release.
This is the first transaction on the ITFS platform in collaboration with any bank in India.
“The collaboration between Yes Bank and RXIL is a testament to the Bank’s commitment towards digitalisation and fostering cross border business. We strongly believe that this product is set to redefine the landscape of international trade finance and through this, the Bank reinforces its commitment to contribute and align with the Government’s aim to make India a global trade finance powerhouse,” said Ajay Rajan, Country Head – Government, Multinational & International Business, Transaction Banking & Knowledge Units at Yes Bank.
Ketan Gaikwad, Director of RXIL Global IFSC Ltd and MD & CEO of RXIL, said, “RXIL is at the forefront of driving transformative change in the cross-border 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, he 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,” he added.
