Open Network for Digital Commerce (ONDC) has forayed in the 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).
It 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,” the official statement added.
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 company within Proxtera’s financial services network, specialising in digital payments, joins as a cross-border payments provider for B2B buyers in Singapore.
Digital market access
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.” He added that this landmark collaboration cements a clear vision of the future of financial technology, ultimately establishing a globally recognised framework and democratising access to global trade.
Sumit Duggal Founder and CEO SignCatch said, “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 and transparent protocols. Our marquee export seller platform Bech.app has been built to address the digital transaction needs of global commerce.”
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 democratising access to international trade for SMEs in India, Singapore and across the globe. Together with ONDC, we are simplifying global commerce, breaking down barriers, and unlocking a world of opportunities for B2B SMEs worldwide.”