MAS launches Proxtera platform for SMEs to trade seamlessly
The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) initiative platform, launched in December 2020, has proclaimed itself as a “single experience” to the global ecosystem, enables B2B platforms to connect to numerous buy-and-sell options and new services without having to leave their existing B2B platform.
Proxtera, the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) initiative, has successfully on-boarded several pilot platforms, facilitated live trades, cross platforms, as part of its role to empower small and medium businesses. The platform, launched in December 2020, has proclaimed itself as a “single experience” to the global ecosystem, enables B2B platforms to connect to numerous buy-and-sell options and new services, without having to leave their existing B2B platform.
The platform further offers, through Application Programming Interface (API), the integration and matching for service providers – which include Banks and FinTech’s. Currently, numerous benefactors, including the Trade Promotion Council of India (TPCI), have worked with the platform to allow better facilities for its users. TPCI members have been able to enhance the connectivity and reach of its users through Proxtera’s digital platform, whilst at the same time also increasing the brand and product reach for its members.
The platform has thus come under the realm of discussions with the United Nations Development Programme (UNDP) Global Centre for Technology, Innovation and Sustainable Development, following the signing of partnership agreements which would allow SMEs to leverage technology, and innovative financial and digital tools thereby allowing them to better leverage data and effectively access finance solutions. The MAS said the partnership would also allow SMEs, including FinTechs, to capitalize on the UNDP’s network of 170 offices globally.
Proxtera is to also play a part in recent discussions between the MAS, and Bank of Ghana, to adopt the Business sans Borders (BSB) open hub. Discussions between the two entities, primarily to adopt the BSB and the Financial Trust Corridor (FTC), will be facilitated by Proxtera.
Sopnendu Mohanty, the Chief FinTech Officer of the Monetary Authority of Singapore (MAS), on Proxtera said “We are delighted to support the launch of Proxtera as an open international digital infrastructure to help SMEs, financial institutions and economies connect fairly and openly with each other,” Mohanty further added “As a realization of the Business sans Border initiative, Proxtera’s innovative integration of financial tools, digital trust and Artificial Intelligence into traditional trade and business services will allow local ecosystems in Singapore and other countries to go global whilst capitalizing on each country’s unique value propositions.”
“We are looking forward to the international collaboration around international collaboration around Proxtera to foster new trade opportunities and build greater business resiliency and financial inclusion for SMEs and ecosystems in Singapore and beyond,” he further added.