Mumbai, January 16, 2024 – Marking a significant milestone in the Indian banking sector, YES BANK has become the first bank in India to conduct an export finance transaction on the International Trade Financing Services Platform (ITFS) of RXIL Global IFSC Limited. This historic achievement is a testament to YES BANK’s commitment to embracing digital innovation and solidifying India’s position as a global leader in trade finance.
Pioneering the Future of Trade Finance
YES BANK RXIL’s Future in Trade Finance: Groundbreaking Collaboration
YES BANK’s partnership with RXIL Global IFSC Limited, a leading cross-border fintech company, represents a major leap forward in the digitization of trade finance. By utilizing RXIL’s ITFS platform, YES BANK is now able to offer a range of digital trade financing services, including Factoring and Forfaiting, to both exporters and importers. These services promise competitive pricing and faster turnaround times, facilitating smoother international trade transactions.
Ajay Rajan, Country Head at YES BANK, spoke about the significance of this collaboration: “Our partnership with RXIL is a strategic step towards redefining the international trade finance landscape. We are proud to contribute to India’s vision of becoming a global trade finance hub.”
RXIL’s Visionary Approach to Trade Finance
Ketan Gaikwad, Director of RXIL Global IFSC Ltd and MD & CEO of RXIL, highlighted the transformative potential of this initiative. “The ITFS platform in IFSC, GIFT City Gujarat, is designed to attract global capital flows and provide competitive international financial services. Our partnership with YES BANK is pivotal in revolutionizing the trade finance sector in India,” he stated.
The Role of YES BANK in Shaping Digital Trade Finance
As a full-service commercial bank, YES BANK has consistently been at the forefront of integrating technological innovations in its offerings. This latest move into digital trade finance is aligned with the bank’s vision of leveraging digital technology to enhance its services and provide better solutions to its clients.
Expanding Global Presence
Headquartered in Mumbai, YES BANK has a strong national presence across India. Its investment banking, merchant banking, and brokerage businesses are conducted through YES SECURITIES, its wholly-owned subsidiary. The bank also has an International Banking Unit (IBU) at GIFT City and a Representative Office in Abu Dhabi.
Contact for More Information
For more details about YES BANK and its services, please visit YES BANK’s website.
RXIL Global IFSC Limited: Facilitating International Trade Finance
RXIL Global IFSC Limited, as a subsidiary of Receivables Exchange of India Limited (RXIL), plays a crucial role in the international financial services sector. Operating from the International Financial Services Centre (IFSC) at GIFT City, RXIL is dedicated to tapping into global financing opportunities to support the growth of businesses engaged in international trade.
Discover More about RXIL
To learn more about RXIL Global IFSC Limited and its services, visit RXIL Global’s website.
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