Open Network for Digital Commerce (ONDC), an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) on Thursday, expanded its overseas business-to-business export by collaborating with the Singapore-based B2B network Proxtera.
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). It is an innovative meta-hub that will connect B2B platforms and SMEs to explore secure trade opportunities by embracing digital transformation through the ONDC Network.
With the ONDC Network enabling B2B exports, Indian businesses are expected to benefit from increased product visibility and will have access to newer markets digitally.
The move will provide 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 frame.
Additionally, 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.
Furthermore, Liquid Group, a fintech company within Proxtera’s financial services network, specialising in digital payments has joined as a cross-border payments provider for B2B buyers in Singapore.
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 in Mumbai, India.
Commenting on the partnership T Koshy, MD and CEO of ONDC, said, “The demonstration today is a step towards enabling digital market access across borders for Indian businesses and SMEs.”
He emphasised that Proxtera, as the first international buyer app from Singapore, and the roles of SignCatch and Rapidor on the seller side will bridge the gaps between businesses through cross-border trade that are highly instrumental in this journey.
On similar lines, Saurav Bhattacharyya, CEO, Proxtera said, “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.”
