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M1xchange, MSME Ministry join hands for integration of Udyam Portal with TReDS

Imphal, Nov 22 (KNN) M1xchange, TReDS Platform (Trade Receivable Discounting System) has signed a MoU with the Ministry of MSME to expand the reach of TReDS and make the onboarding journey of MSMEs faster and simpler.

The agreement was signed during the national seminar on growth and development of MSMEs in Imphal, Manipur on Sunday, said a press release.

It was signed in the presence of Union Minister, Narayan Rane, Minister of State, Bhanu Pratap Singh Verma along with other dignitaries from the state and central MSME Ministry.

This will transform the MSME onboarding process on the M1xchnage Platform to facilitate a smooth payment process for MSMEs. .

By virtue of this MoU, all MSMEs registered with Udyam portal of government will be able to register on M1xchange, thereby enabling reach of TReDS to millions of MSMEs in India with their Udyam Login.

Calling this partnership as a game changer to solve the credit gap challenges faced by MSMEs in India, Amit Sachdev, COO- M1xchange said, “MSMEs will benefit from a two-way exchange of information between Udyam portal and M1xchange. All Udyam registered MSMEs will be able to onboard on M1xchange with an easy convenient process enabling them to leverage the full force of TReDS and access liquidity at the lowest possible cost in the country.”

“Similarly, the information flow from M1xchange to Udyam will enrich the Udyam database enabling MSMEs to benefit from several MSME focused government initiatives,” said Sachdev.

“We are extremely thankful to the MSME Ministry for driving this initiative to a logical end and we look forward to work closely with the Ministry to take such initiatives that are underway to solve credit gap challenges faced by MSMEs efficiently and effectively,” said Sundeep Mohindru, MD & CEO of M1xchange.

TReDS is regulated by RBI that enables financing to MSMEs at competitive rates to address the challenges of delayed payments to MSMEs.

Invoices raised by MSMEs accepted by corporate buyers are funded at competitive interest rates under a bidding method in which multiple financial institutions bid against the invoices. This helps businesses to pay off their MSME debts in time. (KNN Bureau)