Commodities

NCDEX e Markets inks pact with Finchain Technologies for trade-financing

Our Bureau | | Updated on: Dec 02, 2021
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To offer bill discounting and trade-financing options to buyers/sellers on various NeML online spot delivery-based platforms.

NCDEX e Markets, an integrated e-Markets platform for commodities and intangibles, has signed an agreement with Finchain Technologies to provide trade-financing options.

Under this agreement, Finchain, an emerging fintech company engaged in anchor-led supply chain and invoice backed financing, will offer bill discounting and trade-financing options to buyers/sellers on various NeML online spot delivery-based platforms.

Mrugank Paranjape, Managing Director, NeML, said the platform records over ₹10,000 crore transactions on its platforms. The tie-up will provide attractive trade financing options at preferential rates to participants.

The move will bring in more liquidity resulting in better, robust and transparent price discovery on the e-market platforms, he said.

Joseph Abraham, Co-founder, Finchain Technologies, said it will offer a bouquet of collateral-free trade financing options ensuring NeML’s trade participants get access to easy and hassle-free trade financing options from lending partners ranging between ₹5 lakh to ₹10 crore at competitive rates.

Both Finchain with NeML will also empower under banked MSMEs and drive financial literacy and inclusion in the agri-commodity segment across India through various partnerships, he said.

Published on December 02, 2021

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