ICICI Bank has announced the launch of a digital platform ‘Trade Emerge’ for exporters and importers across India.
The newly launched platform will offer digital banking and value-added services apart from aiming to make cross border trade hassle-free, expeditious and convenient.
The bank said in a statement that it is a first-of-its-kind initiative that will bring together end-to-end digital banking and value-added services on a single platform.
Here are essential details that you must know, as per Jagran Josh:
Purpose
Trade Emerge aims to increase the efficiency and productivity of exporters and importers by cutting down physical procedures that are time taking.
Benefits
All exporters and importers can benefit from the Trade Emerge platform. They do not have to be customers of ICICI Bank to benefit from the initiative.
Digital banking services offered
-Current/saving account offerings
-Comprehensive trade services including bank guarantee, letter of credit and Trade Credit, etc.
-Digital solutions like Corporate Internet Banking and Trade Online.
-State-of-the-art foreign exchange solutions.
-Payment & collection solutions
-Credit cards
Value-added services included
-Incorporation of trade business
-Access to a global trade database that hosts almost a million buyers and sellers across 181 countries
-Verification reports of potential customers through reputed credit bureaus
-Logistics solutions for shipment booking along with last-mile tracking
-Insurance services including marine insurance coverage
-These services will be offered through partners having expertise in their respective fields.
Commenting on the latest development, Vishakha Mulye, Executive Director at ICICI Bank, said India has emerged a key player in global trade over the years.
“From April to October 2021, our overall exports and imports are estimated to be nearly $780 billion, recording a rapid growth over the same period last year,” she said.
Typically, global trade is time-consuming, paper-intensive and process-heavy and requires knowledge of rules and regulations. This platform will make exports and imports hassle-free, she added.
