M1Xchange Trade Receivables Discounting System (TReDS), a digital platform supporting micro, small and medium enterprises (MSMEs), has announced its entry into the aviation sector by bringing onboard Airports Authority of India ((AAI), Air India (AI), Air India Express(AIE).
Through this new venture, TReDS will facilitate financing between AAI, AI, AIE and their MSME vendors.
Commenting on this new service, Sundeep Mohindru, chief executive officer, M1xchange said, “The volume growth on M1xchange since its inception across sectors reflects its successful adoption by all the participants — MSME vendors, large corporates and banks.
“M1xchange team is happy to foray in the aviation sector and join hands with the aviation sector’s there giants to expand further the digital payment ecosystem in India and support the growth of MSME businesses across the country.”
MSMEs continue to face constraints in obtaining adequate finance. However, with new ventures like these which includes the participation of large PSUs, cash strapped MSMEs will be able to increasingly seek the benefits from TReDS. Adding to this, Shyam Sundar, chief executive officer, Air India Express said “The TReDS platform provides MSMEs the critically important facility of obtaining quick easy and assured settlement of their invoices. Air India Express which is committed to promoting procurements from MSME is therefore extremely happy to be registered on the TReDS digital platform. In this connection, Air India Express has tied up with M1xchange platform.”