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ONDC partners with Proxtera for global B2B trade expansion
Industry News- Sep 18,23
SignCatch and Rapidor will be among the initial participants to join ONDC's international B2B seller network, with Bech.app and placeorder.com taking on these roles, respectively.
The Open Network for Digital Commerce (ONDC) has partnered with the Singapore-based platform Proxtera to launch its first international buyer app, marking its entry into the global business-to-business (B2B) export arena.
In addition to this collaboration, SignCatch and Rapidor will be among the initial participants to join ONDC's international B2B seller network, with Bech.app and placeorder.com taking on these roles, respectively.
This exciting development between ONDC and Proxtera was recently unveiled in Mumbai during the 4th G20 Global Partnership for Financial Inclusion (GPFI) as part of the Global SME Finance Forum.
T Koshy, ONDC's Managing Director and CEO, expressed, "Today's demonstration is a significant stride toward facilitating digital cross-border market access for Indian businesses and SMEs. Proxtera, as the inaugural international buyer app from Singapore, along with the contributions of SignCatch and Rapidor as sellers, bridging the gap between businesses through cross-border trade, play a pivotal role in this journey."
Proxtera functions as a meta-hub connecting B2B platforms and SMEs for trade and financing. It operates under the Business sans Borders (BsB) initiative, collaboration between the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA).
ONDC, in a statement, underlined the significance of this groundbreaking partnership, stating, "This landmark collaboration solidifies a clear vision for the future of financial technology, ultimately establishing a globally recognised framework and democratising access to global trade."
The collaboration promises to empower Indian businesses by enhancing product visibility and opening up new markets. Digital tools will facilitate document exchanges, deal negotiations, cross-border payments, and shipment management. Proxtera CEO Saurav Bhattacharyya commented, "As the inaugural international B2B buyer app on ONDC, Proxtera is proud to create fresh opportunities for SMEs to engage in cross-border trade. This collaboration is a pioneering step toward democratising access to international trade for SMEs in India, Singapore, and around the world."
Liquid Group, a fintech company within Proxtera's financial services network, will facilitate cross-border digital payments for B2B buyers in Singapore.
ONDC, an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, serves as a digital network aimed at democratising e-commerce by connecting buyers and sellers across various platforms.
Source: Indiatimes
ONDC
Proxtera
SignCatch
Rapidor
Bech.app
G20 Global Partnership for Financial Inclusion
T Koshy
Monetary Authority of Singapore
Business sans Borders
Infocomm Media Development Authority
Saurav Bhattacharyya
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