The joint effort aims to connect SMEs, logistics operators, financial institutions, and cross-border payment providers to ensure seamless exports for Indian businesses
New Delhi/Mumbai, 14 September 2023: Open Network for Digital Commerce (ONDC), an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India, forays into international B2B exports with Proxtera coming in as its first international Buyer App.
Proxtera is the operationalisation of the Business sans Borders (BsB) initiative led by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA). Proxtera is an innovative meta-hub that will connect B2B platforms and SMEs to explore trade opportunities, secure essential financing, and embrace digital transformation through the ONDC Network.
With the ONDC Network enabling B2B exports, Indian businesses will benefit from increased product visibility and access to newer markets digitally. Businesses can eventually expect a seamless experience of being discovered, negotiating the best deal, exchanging relevant documents, completing cross-border payments and managing shipments, all facilitated within a fully digital framework.
In addition, SignCatch and Rapidor, with Bech.app and placeorder.com respectively, will be among the first Seller Network Participants to join ONDC for international B2B trade, facilitating the reach of Indian products to global markets. Liquid Group, a fintech within Proxtera’s financial services network, specializing in digital payments, joins as a cross-border payments provider for B2B buyers in Singapore.
This landmark collaboration cements a clear vision of the future of financial technology, ultimately establishing a globally recognised framework and democratizing access to global trade.
The ONDC – Proxtera collaboration was showcased during the 4th G20 Global Partnership for Financial Inclusion (GPFI) as part of the Global SME Finance Forum, held at Mumbai, India.
T Koshy, MD and CEO, ONDC, said, “The demonstration today is a step towards enabling digital market access across borders for Indian businesses and SMEs. Proxtera, as the first international buyer app from Singapore, and the roles of SignCatch and Rapidor on the seller side in bridging the gaps between businesses through cross-border trade, are thus highly instrumental in this journey.”
Sumit Duggal Founder & CEO SignCatch further stated, “As the first B2B Seller Platform for International Trade, SignCatch is closely working with ONDC and Proxtera to create a seamless digital highway connecting Bharat’s MSMEs to Global markets by leveraging Secure & Transparent Protocols. Our marquee export Seller platform Bech.app has been built to address the digital transaction needs of global commerce and the coming together of ONDC, Proxtera and SignCatch is a game-changer that would provide a huge impetus to foreign trade.
Saurav Bhattacharyya, CEO, Proxtera added, “As the first international B2B buyer app on ONDC, Proxtera is proud to enable new opportunities for SMEs to engage in cross-border trade. This collaboration is a pioneering step towards democratizing access to international trade for SMEs in India, Singapore and across the globe. With cutting-edge digital technology from Proxtera, buyers are able to effortlessly discover products and engage in real-time conversations with sellers across different buyer and seller platforms. Together with ONDC, we are simplifying global commerce, breaking down barriers, and unlocking a world of opportunities for B2B SMEs worldwide.”
Incorporated on 31st December 2021, Open Network for Digital Commerce (ONDC), a Section 8 company, is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India, envisioned to create a facilitative model to revolutionise digital commerce, giving greater thrust to penetration of retail e-commerce in India. ONDC is not an application, platform, intermediary, or software but a set of specifications designed to foster open, unbundled, and interoperable open networks, thereby eliminating the dependency on a single platform. Major ONDC objectives are as follows:
- Democratization and decentralization of eCommerce
- Inclusivity and access for sellers, especially small and medium enterprises as well as local businesses
- Increased choices and independency for consumers
Proxtera is creating the global open digital ecosystem of MSMEs (micro, small and medium enterprises) with trusted credentials that help them gain access to trade opportunities and financial services for greater growth.
Proxtera’s mission is to transform business-to-business trade using technology to make marketplaces efficient and discoverable globally and to enable holistic cross-marketplace and cross-border trade leveraging on trusted credentials to improve financing, fulfillment and empowerment.
Proxtera was launched at the end of 2020 as the operationalisation of the Business sans Borders (BSB) initiative by MAS and the Infocomm Media Development Authority (IMDA). BSB seeks to develop a collaborative global digital infrastructure that would help to increase cross-border trade opportunities and enhance digital and financial inclusivity for MSMEs in the underserved global B2B e-commerce market space.
SignCatch, is an award winning startup providing its Platform-as-a-Service (PaaS) solution to brands, retail aggregators, logistics operators, financial institutions and banks to drive digital commerce in the MSME retail ecosystem. SignCatch has launched the world’s first independent B2B buyer (OrderDe.com) and Seller (Bech.app) platforms on the ONDC Network to facilitate Exports and seamless cross border trade.
About Liquid Group:
Liquid Group is a fintech, headquartered in Singapore. It specialises in global digital payment solutions with the mission to make cross-border payments more affordable, transparent, and efficient for businesses (B2B and B2C), marketplaces, and individuals. The company also operates XNAP, a (C2B) digital payment network, which enables cross-border acceptance of digital wallets and QR payment apps across multiple markets in the Asia-Pacific.
Liquid Group is a Major Payment Institution (MPI), regulated by the Monetary Authority of Singapore (MAS) to conduct Account and E-money Issuance, Merchant Acquisition, as well as Domestic and Cross-Border Money Transfers. It is also a member of Singapore’s PayNow and a participant of FAST network.