YES BANK has come on board as the first Indian bank to sign up on the TRADEASSETS e-marketplace. Ajay Rajan, Group President and Global Head Sales, Transaction Banking Group at YES BANK of YES BANK and Lakshmanan Sankaran, Founder Chairman and Chief Executive Officer of Fintech Innovations International DMCC, signed the deal earlier this week on behalf of their respective companies. Under the agreement, YES BANK will be able to use TRADEASSETS, the first trade finance e-marketplace of its kind to automate primary and secondary market trade finance pricing and communication with banking counterparts globally.
Laxmanan Sankaran, Founder Chairman and Chief Executive Officer (TRADEASSETS) said:
“We are delighted to have YES BANK on board as the first bank from India to sign up on our digital e-marketplace. We are proud to have our first partner bank in the Indian market and we look forward to working closely with YES BANK and derive the many benefits of digitization on a global scale.“
Ajay Rajan, Group President and Global Head Sales, Transaction Banking Group (YES BANK) said: “We are pleased to collaborate with TRADEASSETS e-marketplace for digitizing trade finance. YES BANK has been at the forefront of several industry-first innovations and technological advancements. This collaboration is in line with the Bank’s ‘Digital first’ orientation and will continue to deliver consistent and superior service propositions to our customers.”
Launched earlier this year by Dubai based Fintech Innovations International and using the latest blockchain technology from Blockchain specialist Krypc, TradeAssets was built to create efficiency and transparency in the traditional dealmaking process, increase connectivity between institutions globally, make trade finance more accessible, and improve profitability for clients.
Its objectives are:
- Create a secure electronic trade finance marketplace for banks
● Use automation and functionality to digitise and improve a very manual process
● Build an ecosystem where participants manage risk efficiently and increase profitability
