NCDEX e-markets Ltd (NeML) said that it had signed an agreement with FINCHAIN Technologies to provide collateral-free trade finance to participants on its platform at competitive rates. FINCHAIN will make bill discounting and trade-financing alternatives available to buyers and sellers on various NeML online spot delivery-based platforms, according to the agreement, the business stated in a statement.
Mrugank Paranjape, NeML’s Managing Director, and CEO claimed the company’s different platforms report transactions of over Rs 10,000 crore.
“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.
NeML has the largest database of active trade participants in agri-commodities e-markets in the country, according to FINCHAIN Technologies Co-founder Joseph Abraham.
“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.
Through various partnerships, FINCHAIN would take this opportunity to empower underbanked MSMEs and boost financial literacy and inclusion in the agri-commodity segment across India, he added.
NCDEX’s commodity exchange, NeML, is a wholly-owned subsidiary. FINCHAIN is an emerging Indian fintech specializing in anchor-led supply chains and invoice-backed finance.
