ONDC, Proxtera sign deal for B2B exports
To connect SMEs, logistics operators & cross-border payment providers to ensure seamless exports for Indian businesses
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, will move 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), says a release from Proxtera. "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. "
Indian businesses will benefit from increased product visibility and access to newer markets, the release added. "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."
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, the release said. "Liquid Group, a fintech within Proxtera’s financial services network, specialising in digital payments, joins as a cross-border payments provider for B2B buyers in Singapore."
T Koshy, MD and CEO, ONDC says: “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 adds: “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 the 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 says: “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 democratising 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.”