: FIEO partners with Myforexeye to offer real time forex savings to member companies #FinanceIndia #StockMarketNEWS FIEO partners with Myforexeye to offer real time forex savings to member companies

@StockMarketNEWS Fri 20 Aug, 2021

Posted in: #FinanceIndia #StockMarketNEWS

FIEO partners with Myforexeye to offer real time forex savings to member companies #FinanceIndia #StockMarketNEWS
FIEO partners with Myforexeye to offer real time forex savings to member companies New Delhi, Aug 17 (KNN) In line with the Government of India’s ‘Digital India Initiative’, Federation of Indian Export organisations (FIEO) signed an MoU with tech-based forex solutions company ‘Myforexeye’, to provide innovative digital mobile app-based forex trading solutions to support Micro, Small and Medium Enterprise (MSME) exporters in India.

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.

Most of this critical information is limited to financial research firms, banks and large corporations and therefore SMEs have no access to it. It is here that Myforexeye plays a dedicated role in providing SMEs with this exclusive information empowering them to make knowledgeable decisions related to FX transactions thereby saving considerable money, FIEO said in a statement on Monday.

Understanding the complexities of forex markets and the importance of the subject for an exporter, Dr A Sakthivel, President, FIEO said that the Forex advisory service will help exporters keeping track of forex markets. The FIEO President feels, 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, he added.

Dr A 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 training in the forex domain so as to gain a better cost advantage. Our association with Myforexeye is seamlessly aligned with our objective to foster the Digital India campaign initiated by our Hon’ble Prime Minister”, said Dr Ajay Sahai, Director General & CEO, FIEO.

Commenting on the occasion, Anand Tandon, Founder & CEO, Myforexeye, said, “In over 2. 5 lac export organisations operating pan India, the forex domain know-how is available to only less than 1 per cent of the total population, an astonishing number given the magnitude of annual export from India. We, at Myforexeye, 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”.