Receivables discounting platform M1xchange has appointed Munindra Verma as the chief executive of its international trade finance subsidiary M1 NXT.

M1 NXT is a platform licensed to operate through India’s International Trade Financing Services (ITFS) system, a newly launched global trade finance equivalent of the country’s domestic trade receivables discounting service.

M1xchange says Verma is responsible for attracting global financiers to M1 NXT. He will also “lead efforts to integrate digital technologies that streamline trade processes, enhance transparency, and reduce transaction costs for banks, exporters and importers”, the company says. He began the role early last month.

Verma joins the fintech after a long career in banking. His resume includes trade, transaction and corporate banking roles at ICICI, RBS and, most recently, a 16-year stint at Yes Bank, where he rose to chief product officer for transaction banking.

Sundeep Mohindru, the promoter and director of M1xchange’s parent company Mynd Group, says Verma’s hiring marks “an exciting chapter” for the company.

“His expertise in building innovative financial solutions will be instrumental in establishing M1 NXT as a trusted provider of international trade finance solutions for Indian businesses. We look forward to the transformative impact he will have on our growth and market presence.”