Cross-border Commerce and Ecosystems – the Future of SMEs and Trade
17 Nov 2021
Earlier this month Proxtera took part in the Singapore Fintech Festival (SFF) – the largest fintech festival of the year. In its sixth year running, SFF was broadcasted to the global FinTech community and featured more than 350 sessions, over 700 speakers, over 260 exhibitors, and 14 international pavilions, with another 60,000 streaming the event ‘live’.
The focus of this year’s SFF was on Web 3.0 which involves the use of distributed ledger technology on financial services.
Together with our partners, Proxtera ran a week-long program that sought to explore SMEs’ place in the digital economy which will be faster, more secure, and more connected in the era of Web 3.0.
How does Proxtera help SMEs keep ahead of digital trends?
With a single point of integration, Proxtera Connect creates interoperability across its B2B networks to form a large community of SMEs globally. This significantly reduces the inefficiencies SMEs face in having to make multiple bilateral connections with different B2B marketplaces. Furthermore, being on the Proxtera network widens the scope of buyers and suppliers for SMEs and takes their products across borders, all without the need to leave their home platform.
The multilateral connection Proxtera establishes and trade services it provides addresses three key pain points SMEs face in spite of going digital
- In-efficiencies behind linking up with multiple eCommerce platforms
- Difficulty increasing reach and improving visibility
- Challenges faced in entering new geographic markets
…but we haven’t been alone on this journey
A year on since Proxtera’s launch in SFF 2020, Proxtera continues to foster connections in 7 countries across Asia and Africa, 18 supplier marketplaces, and 400,000 suppliers. While Proxtera continues to grow its network, it remains committed to strengthening its partnership with its existing partners.
At SFF 2021, our partners also demonstrated how their integration with Proxtera can provide a greater incentive for more SMEs to go global. They have also shared exciting innovations such as MYND Fintech’s cross-border trade financing initiative, which will keep SMEs that are already digitalized ahead of digital trends. Here, Proxtera extends special gratitude to M1Xchange, SourceSage, Burket, and Global Linker for their unwavering support.
We hope to see more interested B2B marketplaces (buy-side & sell-side) and trade service providers join the Proxtera network and unlock cross-border trade opportunities for your valued SMEs. Leverage your innovative offerings and help SMEs in Southeast Asia build business resiliency in the age of the digital economy.
Proxtera is a neutral hub connecting B2B marketplaces, service providers, and trade associations to simplify trade for small and medium enterprises (SMEs). Proxtera was launched in 2020 as the commercialisation of the Business sans Borders initiative by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) to enhance digital and financial inclusivity for SMEs around the world. Today, Proxtera is live with 18 progressive platforms across Asia and Africa, which totals up to 400,000 SMEs in our network.
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