On 13th November 2019, Trade Promotion Council of India (TPCI) has signed a MoU with the Monetary Authority of Singapore (MAS) for boosting the SME exports from India to key international markets though a landmark online trade platform called BSB. 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. MoU was also signed today in presence of High Commissioner of India to Singapore Mr 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 Chairman TPCI 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 LCS, facilitate escrow account, custom advisory, amplify efforts in trading across borders, quick ways of doing business, etc.”
The BsBPoC 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) on an anonymised basis. 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 there commendation and listing of applications providing generic services (including but not limited to financing and logistics.
Further Chairman TPCI 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. TPCI will link about 1500 prominent food and agri exporters /manufactures with the platform in the pilot phase and will launch the system during the forthcoming edition of its flagship mega show- ‘Indusfood 2020.’