Frequently Asked Questions
What is the difference between BSB and Proxtera?
Business sans Borders (BSB) is a public initiative, while Proxtera is the commercial sector organisation supported by Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA).
What is Singapore government’s involvement in Proxtera?
Proxtera is a joint venture between the Singapore government bodies (Monetary Authority of Singapore and Infocomm Media Development Authority) and private sector partners.
Is there any financial support for me to connect to the Proxtera network?
Proxtera will be able to provide the necessary supporting document for your grant application. The available grants and subsidies will be subject to local government authorities.
When will Proxtera be available in my market?
Proxtera is currently active in Singapore, Philippines, India, and Kenya. We are looking to expand our reach into new markets based on demand. In the short to medium term, we are looking to expand into the ASEAN markets, followed closely by the broader APAC and East African regions.
How many platform partners will Proxtera have in each market?
We aim to connect to as many interested platforms as possible. Proxtera is an open network looking to ensure inclusivity for all B2B platforms, our aim is to maximise the reach of small medium enterprises in all our target markets.
How will Proxtera ensure that they will not compete with existing B2B platforms?
Proxtera will not be providing services directly to small and medium enterprises (SMEs) to avoid any conflict of interest. Proxtera’s aim is to empower existing B2B platforms and trade associations with an extensive membership base of SMEs – Proxtera will work with suitable platform providers to enable these trade associations.
How are disputes managed for cross-border and cross-platform trade?
Proxtera is a digital platform that ensure consistency of information across platforms and by extension their users. This consistency helps reduce incidence of disputes or disagreement. That said, Proxtera, provides a framework for platform users (buyer and sellers for example) to work with each other to resolve any open items or issues. In case of items that are not mutually resolved, Proxtera participation rules enable us to influence to a binding outcome. Proxtera also use feedback including behaviours speed and approach to addressing issues, disputes into account promoting buyers and sellers that are better in service, quality thus fewer issues or disputes.
How will payments be facilitated?
In Q1 2020, Proxtera will be introducing an escrow payments feature to enable small medium enterprises from different platforms to close the transaction loop. In the meantime, small medium enterprises may leverage existing payments facilities, e.g. telegraphic transfers, monoline FX providers, etc. to close the transaction.
How does plug-and-play work with my platform?
Proxtera’s lightweight architecture based on the open JSON API standard, and secured with robust validation and authentication measures, ensures that platforms of all shapes and sizes can easily connect.
How much does it cost me to join Proxtera network?
Proxtera-in-beta, provides initial few transactions to a platform for free. Post that we support both subscription and a per transaction model. We recognise platforms also have unique needs and keen to discuss pricing approaches that are aligned with their situations.
How will my platformcustomer user experience change once I am on Proxtera?
There will be no major diruption to the way your customers’s shopping epxerience. However, they will see the indication of the Proxtera icon to let them know that the catalogues they are viewing belongs to the Proxtera network.
Privacy and Security
Will Proxtera take stand in between trades and assume risk? e-KYC, execution, other?
Proxtera does not stand in for either parties of the transaction. Proxtera serves to facilitate transactions between end users of different platforms by securely transmitting key transaction information between the platforms. KYC of end users are conducted by our participating platforms directly.
Where does the data collectd on Proxtera reside?
Proxtera recognises that platforms across countries’ have varying data residency requirements and strives to have in-market deployments to ensure compliance with such regulations.