TReDS platform M1xchange to soon get Tata AIG Insurance, SBI General Life on invoice discounting platform

Amazon-backed Trade Receivables electronic Discounting System (TReDS) platform M1xchange will soon onboard Tata AIG Insurance and SBI General Life Insurance for invoice discounting, as announced by Sundeep Mohindru, MD and CEO of M1xchange. In February 2023, the RBI allowed insurance facilities on TReDS, expanding its role in invoice financing. Mohindru anticipates that GIFT City operations will contribute 30-35% of transaction volume within two years, starting at 5% in the initial months. M1xchange surpassed ₹1 lakh crore in throughput for FY 2023-24, marking 100% YoY growth, and aims to reach ₹70,000 crore in FY 2024-25. The platform services over 32,000 MSMEs with more than 60 lenders.