The partnership is for offering export factoring for Indian exporters
FinTech BizNews Service
Mumbai, 08th October 2024: India Exim Finserve IFSC Pvt Ltd, a wholly owned subsidiary of Export-Import Bank of India (India Exim Bank), has partnered with VoloFin, to provide a comprehensive receivables finance solutions for Indian exporters. This partnership will support the underserved SME exporters, who play a key role in the economic growth of the country, and it shall also address critical trade finance gaps and enable incremental open account trade between India and its trade partners. New India Assurance is the credit insurance partner, with reinsurance support from Atradius (one of the world’s largest credit insurers) and leads the initiative with first bank policy from GIFT City.
Hirva Mamtora, MD & CEO, India Exim Finserve, said “We are leading with the mission to fuel India’s economic growth by supporting Indian exporters who play an important role in the country's growth engine. Currently, small businesses face several challenges in their growth journey. Our partnership with VoloFin, who will act as business facilitator, will help us reach out to SME exporters and importers with its existing network. We acknowledge the support received from New India Assurance in providing us with a first of its kind trade finance insurance policy from GIFT City. Availability of trade insurance policy will help us expand our factoring outreach and lead to boosting of exports from India especially from SME segment.
Roshan Shah, Co-Founder and CEO, VoloFin, said, “This strategic partnership represents a vote of confidence in VoloFin’s mission to revolutionise trade finance and empower SMEs. We are committed to leveraging this relationship to bolster the capabilities of exporters in expanding their business and geographical reach and bridge the trade finance gap that hampers the growth of small businesses. This association is a significant milestone in our journey as it completely synergises with our goal, and we thank the team at India Exim Finserve & Atradius for their efforts to bring this partnership live.”
Rita Mishra, Chief Regional Manager, New India Assurance – GIFT City, said “We are excited to be at the forefront of closing the first trade credit insurance policy within GIFT City, India, marking a significant milestone for us at New India Assurance. We would also like to acknowledge the support of our reinsurer Atradius for this milestone. We trust that this partnering with India Exim Finserve will grow into a long-lasting collaboration.”
Arun Soundarajan, Country Head and CEO India, Atradius, said ‘’We are glad to be part of this winning team alongside India Exim Finserve, VoloFin & New India Assurance and putting together this first bank policy in the GIFT City, which will be an important milestone in the journey ahead. This partnership will significantly support the exporters and play a role in boosting the economy.’’
