MSMEs get app-based forex trading solutions
In line with the Government’s ‘Digital India Initiative’, the Federation of Indian Export Organisations (FIEO) has signed an MoU with tech-based forex solutions company ‘Myforexeye’ to provide innovative digital mobile app-based forex trading solutions to support the country’s Micro, Small and Medium Enterprise (MSME) exporters.
As part of this, FIEO members will have access to expertise and exclusive know-how in the area of Forex Risk Management, Forex Trading, Transaction Process Outsourcing and International Trade Finance, the Federation said in a release on 16 Aug 2021.
Most of this critical information is limited to financial research firms, banks and large corporates while SMEs have no access to it. It is here that Myforexeye plays a dedicated role in providing SMEs with this exclusive information empowering to take knowledgeable decisions related to FX transaction thereby saving considerable money.
Underlining the complexities of forex markets and the importance of the subject for an exporter, FIEO President Dr A Sakthivel said that the Forex advisory service will help exporters keeping track of forex markets.
He feels that exporters lose heavily on account of conversions, volatility and ever-changing dynamics of forex markets. The partnership will ultimately help exporters manage their forex operations under professional guidance of experts.
Dr Sakthivel complimented the government for extending the Interest Equalisation Scheme (IES), which has helped exporters reduce financing cost.
“This initiative will truly support our members in leveraging the benefits of technology, savvy market intelligence, global trends and trainings in the forex domain so as to gain better cost advantage. Our association with Myforexeye is seamlessly aligned with our objective to foster the Digital India campaign,” FIEO Director General and CEO Dr Ajay Sahai said.
Commenting on the occasion, Myforexeye Founder and CEO Anand Tandon said, “In over 2.5 lakh export organisations operating pan India, the forex domain know-how is available to only less than 1% of the total population, an astonishing number given the magnitude of annual export from India. We are delighted to partner with FIEO at this juncture. I am confident that by way of this association, we will reach out and extend our domain expertise to simplify forex complexities and drive FX transaction savings for all members of FIEO.”
Myforexeye will be curating a newsletter containing forex market intelligence report on a weekly basis. Myforexeye will also initiate trainings on a periodic basis to keep the FIEO members updated on the ever-changing forex market dynamics, its tactics and measures to hedge themselves from market volatility, thereby, consistently safeguarding their monetary interest. FIEO members will get 10% discount and 14 days free trial period. #technology #investment #exports #forex #economy /fiinews.com
