CDEX e-Markets Ltd NeML on Thursday announced signing of an agreement with FINCHAIN Technologies to provide collateral-free trade finance at competitive rates to participants on its platform.
As per the agreement, FINCHAIN will make available bill discounting and trade-financing options to buyers and sellers on various NeML online spot delivery-based platforms, the company said in a statement.
Announcing the collaboration, NeML Managing Director and CEO Mrugank Paranjape said NeML records transactions of over Rs 10,000 crore on its various platforms.
''The tie-up with FINCHAIN while offering one more attractive trade financing option at preferential rates to participants will also bring in greater liquidity resulting in better, robust and transparent price discovery on our e-market platforms,'' he said.
FINCHAIN Technologies Co-founder Joseph Abraham said, NeML has the largest database of active trade participants in agri-commodities e-markets in the country which are verified and KYC compliant.
''FINCHAIN is proud to offer a bouquet of collateral-free trade financing options which ensures NeML's trade participants get access to easy and hassle-free trade financing options from our Lending Partners ranging between Rs 5 lakh to Rs 10 crore at competitive rates,'' he said.
FINCHAIN with NeML's support will also use this opportunity to empower underbanked MSMEs and drive financial literacy and inclusion in the agri-commodity segment across India through various partnerships, he added.
NeML is a 100 per cent subsidiary of commodity bourse NCDEX. FINCHAIN is an emerging Indian fintech engaged in anchor-led supply chain and invoice backed financing programmes.
(With inputs from PTI)
