TPCI join hands with Singapore's Monetary Authority for handholding SMEs
A platform will be created to offer services to small and medium enterprises (SMEs) like connecting buyers and sellers of different countries, helping exporters in custom clearances, financing options, and custom advisory.
Trade Promotion Council of India (TPCI) on Wednesday has joined hands with Singapore-based Monetary Authority for supporting domestic SMEs for promoting their exports.
A platform will be created to offer services to small and medium enterprises (SMEs) like connecting buyers and sellers of different countries, helping exporters in custom clearances, financing options, and custom advisory, the council said in a statement.
TPCI Chairman Mohit Singla said, "We are ready with its digital infrastructure and are eager... for leveraging the idea of export promotion using the new-age fintech system".
It would also enable businesses to upload data relating to their demand and supply of goods.
Further, the platform will accept a trade when there is a match between the demand and supply between businesses.
"It will complete the transaction for the matched trade and includes an applications store for the recommendation and listing of applications providing generic services," it added.
Singla said the platform in the pilot phase will be launched during the forthcoming edition of its flagship mega show - Indusfood 2020.
Earlier this year, business chambers from India and Singapore initiated a collaboration through micro, small and medium enterprises (MSMEs) to reach the larger Southeast Asian markets through an MoU inked on Thursday.
The MoU signed by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Singapore Indian Chamber of Commerce and Industry (SICCI) will provide handholding and facilitation to MSMEs of both sides, as well as, other businesses to help establish bases and joint ventures.
At the MoU signing ceremony held following the India 101: Internationalisation Conference, Jawed Ashraf, India's High Commissioner to Singapore, said, "Singapore has always been a gateway for India into Southeast Asia, and just think of the opportunities that Singapore’s SMEs can have by being a bridge for Indian companies into Southeast Asia."
Ashraf added that India, along with the Monetary Authority of Singapore (MAS) is building a new platform, ‘Business Sans Borders’, that will connect Indian businesses through Singapore to the ASEAN.
(Edited by Suman Singh)
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