ICICI Bank News: ICICI Bank Launches Online Platform to Help Indian Exporters

MUMBAI: Announced the launch of an online platform, Trade Emerge, to deliver digital banking and value-added services to exporters and importers across India. This aims to make cross-border trade simple and convenient, as it eliminates the need for businesses to coordinate with multiple points of contact.

The list of banking services includes current / savings account offerings, full business services (letter of credit, bank guarantee, trade credit, etc.), online business banking and commerce services, foreign exchange solutions, payment and collection solutions and credit cards. Value-added services include the incorporation of business activities, access to the global business database of nearly 15 million buyers and sellers in 181 countries, verification reports from potential customers through offices of trusted credit, logistics solutions for booking shipments and last mile tracking, and insurance services like marine insurance, all available online through a one-stop shop. These services are offered through partners with expertise in their fields.

In a statement, Vishakha Mulye, Executive Director of ICICI Bank, said: “Over the years, India has emerged as a key player in the global import-export space with a history of steady growth. The country’s young demographics, strong consumer demand, healthy production, and supportive government initiatives have contributed to the growth. From April to October 2021, our overall exports (goods and services combined) and our imports are estimated at nearly $ 780 billion. ”

The aim of this initiative is to increase the efficiency and productivity of exporters and importers by decongesting time-consuming physical procedures.

Value-added offers:

  • Incorporation services: It helps companies looking to set up an import-export business in India to obtain key registrations and licenses such as business license, Importer Exporter Code (IEC), registration of the GST and Registration Membership Certificate issued by Export Promotion Organizations or Commodity Commissions of India. This digital installation is provided in association with India Filings. It also helps traders to benefit from certain export advantages within the framework of the country’s foreign trade policy.
  • Information services: Companies in the export and import sector can access relevant information such as updates, notifications, directives issued by national and international regulatory and trade bodies, customs processes and policies, tariff information , etc. on the Trade Emerge platform. This information is provided in association with the Federation of Indian Export Organizations (FIEO).
  • Access to the global partner database from 181 countries: Companies in the export and import industry spend a lot of time and effort in finding suitable clients abroad. To do this, they have to examine a lot of information such as past business records and the credibility of potential customers. Through the Market Intelligence section of the portal, exporters and importers have access to a global business database of nearly 15 million buyers and sellers in 181 countries.
  • Check potential partners: After selecting a potential client, they can also check their credibility through the business intelligence reports provided by CRIF and Dun & Bradstreet.
  • End-to-end digital logistics solutions: After finalization of the partner, an exporter or importer can benefit from logistical support for the needs related to the shipment. They benefit from multiple shipping options at flexible prices on Trade Emerge and the ability to book freight space instantly, unlike the tedious practice of contacting multiple agencies. The platform also enables last mile tracking for users, making the whole process transparent and cost effective. This digital logistical support is provided in association with Shipsy and Shipwaves.
  • Insurance benefits: The portal allows exporters and importers to benefit from various insurance policies to protect their business, which are provided in association with ICICI Lombard. This includes insurance such as shipping insurance to protect their shipment, group health insurance to provide health coverage for their employees, workers’ compensation insurance, and property insurance.
(The one-stop destination for MSMEs, ET RISE provides news, insights, and analysis on GST, exports, finance, politics, and small business management.)

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Stephen V. Lee