New Delhi, October 8
India Exim Finserve IFSC Pvt Ltd, a wholly-owned subsidiary of the Export-Import Bank of India (India Exim Bank), has announced a partnership with VoloFin to provide comprehensive receivables finance solutions aimed at supporting Indian exporters.
This collaboration is designed to address the critical trade finance gaps, especially for underserved small and medium-sized enterprise (SME) exporters, who play a crucial role in driving India's economic growth.
The partnership will focus on enabling open-account trade between India and its global trade partners.
To bolster the initiative, New India Assurance has joined as the credit insurance partner, with reinsurance support from Atradius, one of the world's largest credit insurers.
Notably, the venture is backed by the first bank policy from GIFT City, underscoring the financial hub's role in expanding India's global trade reach.
Speaking on the partnership, Hirva Mamtora, Managing Director & CEO of India Exim Finserve, stated, "Our partnership with VoloFin, who will act as a business facilitator, will help us reach out to SME exporters and importers with its existing network."
She added, "We acknowledge the support received from New India Assurance in providing us with a first of its kind trade finance insurance policy from GIFT City. Availability of trade insurance policy will help us expand our factoring outreach and lead to boosting of exports from India, especially from SME segment."
Rita Mishra, Chief Regional Manager at New India Assurance - GIFT City, said, "We are excited to be at the forefront of closing the first trade credit insurance policy within GIFT City, India, marking a significant milestone for us at New India Assurance."
She added, "We would also like to acknowledge the support of our reinsurer, Atradius for this milestone. We trust that this partnering with India Exim Finserve will grow into a long-lasting collaboration."
VoloFin is a fintech company specialising in factoring and supply chain financing, with a global presence spanning Singapore, India, and the USA. It has successfully partnered with leading financial institutions, including India Exim Finserve, to provide end-to-end financial solutions.
India Exim Finserve IFSC Pvt Ltd is a subsidiary of the Export-Import Bank of India, established to offer non-recourse export factoring services to Indian exporters. Located in GIFT City, the company plays a pivotal role in facilitating India's international trade.
New India Assurance, India's largest general insurance company, operates in 25 countries with a vast network of offices. Its GIFT City unit offers reinsurance and direct trade credit insurance.
Atradius is a global leader in credit insurance and risk management, with a presence in over 50 countries, protecting businesses worldwide against the risks of selling goods on credit.