New Delhi: Myforexeye aims to offer its expertise and services to the MSME sector. The company will aid the MSMEs in managing various critical issues such as high interest costs on forex loans, credit advisory from subject matter experts and growing complexities in forex transactions.
According to a statement released by the company, MSMEs belonging to various sectors such as automotive, textile and readymade garments, leather goods, engineering, etc are hard-hit by the pandemic and also due to high interest costs resulting from higher debtor cycles which is hurting their bottom line.
The volatile currency market is creating confusion for exporters and importers. The limited capability to handle volatile forex markets leads to losses.
The founder of Myforexeye Anand Tandon said “MSMEs are hard hit by the pandemic. While the government is doing its bit, high interest rates, opaqueness in forex transactions and limited understanding of the forex market hurts the MSMEs. Myforexeye experts will counsel MSMEs by guiding them on innovative ways to reduce the interest burden and bolster their profitability.
Myforexeye mobile app will play a significant role in providing latest information on forex trends and rates and help reduce the information barrier. In addition, Myforexeye will also organize a knowledge seminar series with forex experts to bridge the information gap and reduce ambiguity around forex transactions”, he added.
Myforexeye has enabled real time forex solutions that have benefited over 4000 organizations over the last 7 years, having done around 86,000 transactions of over $9 bn resulting in a savings worth $160 mn for its clients. Myforexeye is a fully authorized money exchanger regulated by the Reserve Bank of India, the statement informed.