In line with Rajasthan government’s plans to facilitate ease of doing business for MSMEs, Myforexeye – India’s leading technology-led forex player – will help 1 lakh MSMEs from the state to save money in forex dealings in next 2 years.
It has been noticed that MSMEs, which form the backbone of the Indian economy, lose up to 1% of their money in exchanging currency for exports and imports. This happens due to non- transparent exchange rates and additional fees levied by mediators. Depending on the volume of foreign trade, an MSME ends up losing lakhs of rupees in forex dealings alone every year. Most MSMEs are not aware of this loss, as they focus more on managing business challenges.
“There is a saying ‘A rupee saved is a rupee earned’. Nowhere else does this hold more value than MSMEs. It is a great challenge to get new investment or loans if you are an MSME. Therefore, it makes sense that you save money wherever possible. We will enable you do that in your forex dealings,” Myforexeye’s Founder & CEO Mr. Anand Tandon told reporters here today.
By collaborating with MSMEs, Myforexeye will create awareness about having a transparent mechanism for forex dealings. It will also serve the MSME business community in exchanging currencies at best rates with full transparency. The company has developed a mobile application by the same name (myforexeye), which is available on Google Play Store as well as Apple Store. The company will also enable MSMEs to get early payments from their clients.
“More working capital means you can service more clients and expand your global footprint,” Mr. Tandon said.
MSMEs contributes around 48% to India’s total exports and almost 30% to the country’s GDP. However, forex know-how is available to only less than 1% of the total MSMEs. This is an astonishing number given the magnitude of trade of volume.