- The objective of the bank behind this partnership is to digitize invoice financing along with boosting the efficiency of its client services.
- Through this agreement, MUFG Bank will be able to offer digital trade services while adding value to its supply chain.
- The partnership would help the bank in reducing the turnaround time and lower administrative costs.
- MUFG Bank was established in 2006 as a result of the merger of the Bank of Tokyo-Mitsubishi Ltd. and UFJ Bank Ltd. and is the largest bank in Japan. It has its headquarters in Chiyoda City, Tokyo, Japan. It began its operations in India (Mumbai) in 1894 as Yokohama Specie Bank. Currently, the bank operates across 6 cities in India.
- M1xchange TReDS was established in 2017 under the Payment and Settlement System (PSS) Act 2007 by Mynd Solutions Pvt. Ltd. with its headquarters in Gurugram, Haryana. The current CEO of it is Sundeep Mohendru.
Question:
Q.1 Recently MUFG Bank partnered with _______ to assist with digital invoice financing for its customers.a. M1xchange
b. Invoicemart
c. Receivables Exchange of India
d. None
