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Myforexeye, a foreign exchange (Forex) solution provider on Monday launched India's first full service mobile app to simplify Forex exchange for traders, business communities and individuals, and is aiming at disrupting Rs. 60,000 crore windfalls made by intermediaries on the name of information arbitrage.
From outsourcing Forex to transactions, trade finance to risk management, Transaction Process Outsourcing (TPO) to RateAudit and RateCheck, the app offers the widest features beyond currency exchange, and is available on Android and other popular platforms.
"For both individuals and business communities, mobile phones and smart devices are quick, safe and reliable platforms for operations and transactions in today's digital world. We are confident that our Forex Exchange Mobile App will offer enhanced user experience, transparent market operations and complete audit trail for B2B and B2C segments in India," said Anand Tandon, Founder, Myforexeye Fintech Pvt. Ltd.
Myforexeye mobile app is currently offering a wide range of features such as buying and selling Forex online, Transaction Process Outsourcing (TPO), Transaction Forex Risk Management, International Trade Finance, RateAudit and RateCheck. This app is a complete ecosystem offering alerts, real-time rate check, single click dealer connect, research, transparency, time bound activity, rate audit and a plethora of other services.
"Through this unique technology enabled platform, we are also connecting our clients to the best of the experienced dealers to get things done. To ensure the data safety we are using the world class security technology with the highest of the standards," said Tandon.
Myforexeye is looking at expanding its operations across India and other countries in the next five years. The company recently raised pre-series A funding of USD 2.2 Lakh from a clutch of individual investors. These funds would be utilised to further develop innovative technology solutions so to bring in more transparency, enhance user experience and ensure seamless transactions for Indian exporters, importers, and individuals (B2C) like NRI's, travelers and so on.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)