MUMBAI, 2 December 2021: NCDEX e Markets Limited (NeML), India’s leading integrated e-Markets platform for commodities and intangibles, announced its agreement with FINCHAIN Technologies to provide trade-financing options.
Under this agreement FINCHAIN, an emerging Indian Fintech engaged in anchor led supply chain and invoice backed financing programs, will now make available bill discounting and trade-financing options to buyers/sellers on various NeML online spot delivery-based platforms.
Announcing the collaboration, Mrugank Paranjape, MD & CEO NeML, said, “NeML as a market leader with substantial market share is committed to providing its trade participants from across the country the best-in-class seamless integrated experience on its various e-market platforms encompassing convenient and hassle-free financing options to enable the entire ecosystem. Our partnership with FINCHAIN is an endeavor in this direction.”
He added, “NeML records transactions of over INR 10,000 crore on its various platforms. We believe this tie-up with FINCHAIN while offering one more attractive trade financing option at preferential rates to our participants will also bring in greater liquidity resulting in better, robust and transparent price discovery on our e-market platforms.”
Speaking on the occasion, FINCHAIN Technologies co-founder Joseph Abraham said, “In our short operational span FINCHAIN has created an enviable portfolio of blue-chip clients and lenders on our Fintech Platform. NeML has the largest database of active trade participants in agri-commodities e-markets in the country who 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 INR 5 lakh to INR 10 crore at competitive rates. FINCHAIN with NeML’s support will also use this opportunity to empower underbanked MSMEs and drive Financial literacy & inclusion in the agri-commodity segment across India through various partnerships.”
NeML is a subsidiary of National Commodity & Derivatives Exchange Limited (NCDEX), which is India's largest agricultural commodity exchange with more than 90 percent market share.