FIEO Ties Up With Myforexeye To Offer Forex Advisory Services To Member Firms
- ByStartupStory | August 17, 2021
The Federation of Indian Export Organisations (FIEO) said it has signed an initial pact with tech-based forex solutions company Myforexeye to provide forex advisory services to its members, including MSMEs. As part of this initiative, members of Federation of Indian Export Organisations (FIEO) 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 said. FIEO President A Sakthivel said, understanding the complexities of forex markets and the importance of the subject for an exporter, the advisory service will help exporters keep track of forex markets.
‘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,’ Sakthivel said. He added that this initiative will support 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. Anand Tandon, Founder and CEO, Myforexeye, said, “In over 2.5 lakh export organisations operating pan India, the forex domain know-how is available to only less than 1 per cent of the total population…I am confident that by way of this association, we will reach out and extend our domain expertise to simplify forex complexities’.
Myforexeye will be curating a newsletter containing forex market intelligence reports on a weekly basis and will also initiate training on a periodic basis to keep the FIEO members updated on the ever-changing forex market dynamics, its tactics and measures to hedge themselves from volatility, FIEO said.
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