New Delhi, Nov 13: Trade Promotion Council of India (TPCI) on Wednesday signed an MoU with the Monetary Authority of Singapore (MAS) for boosting the Small and Medium-sized Enterprises (SMEs) exports from India to key international markets through a landmark online trade platform called BSB.
The High Commission of India in Singapore has played a key role in supporting this future platform, linking India business with Singapore and other global markets. The MoU was signed in presence of High Commissioner of India to Singapore Jawed Ashraf during the ongoing fin-tech festival.
Business sans Borders is a hybrid business data and digital solutions hub, which leverages artificial intelligence to facilitate the matching of demand and supply of goods and services between businesses, including small and medium-sized enterprises.
Speaking on the tie-up, TPCI Chairman Mohit Singla said, 'TPCI was ready with its digital infrastructure and is eager to the first hand mover in leveraging the idea of export promotion using new age fin- tech system.' This system will facilitate seamless business through a public online infrastructure and will offer services like; connecting buyers and sellers of different countries, helping exporters in custom clearances, financing options, issuing Letters of Credit (LCs), facilitate escrow account, custom advisory, amplify efforts in trading across borders and quick ways of doing business, he said.
The BsB PoC System will enable businesses to upload data relating to their demand and supply of goods and bespoke services onto the Hub (through other platforms connected to the Hub). The platform will accept a trade when there is a match between the demand and supply between businesses ('matched trade'). It will complete the transaction for the matched trade and includes an applications store for the recommendation and listing of applications providing generic services (including but not limited to financing and logistics.
Further The TPCI Chairman said the platform includes a sandbox structure, where anonymised data uploaded by businesses onto the Hub will be available for review, potentially at an aggregated level, to facilitate the development of new applications providing generic services.
The TPCI will link about 1,500 prominent food and agri-exporters and manufactures with the platform in the pilot phase and will launch the system during the forthcoming edition of its flagship mega show- 'Indusfood 2020', according to a statement here. (UNI)