TPCI Collaborates with Singapore’s Monetary Authority for Supporting SMEs

TPCI Chairman Mohit Singla mentioned, “We are ready with its digital infrastructure and are eager… for leveraging the idea of export promotion using the new-age fintech system”.  It will also help businesses in uploading their data related to demand and supply of their goods. In addition, the platform would accept a trade whenever the demand and supply match between two businesses.

Trade Promotion Council of India (TPCI) recently joined hands with Singapore’s Monetary Authority for hand-holding local SMEs for encouraging their exports. There is a plan to create a new platform to offer various services to small and medium enterprises (SMEs); for example connecting the buyers and sellers from different countries, assisting exporters in tasks like custom clearances, options of financing, and custom advisory.

“It will complete the transaction for the matched trade and includes an applications store for the recommendation and listing of applications providing generic services,” he added.

Singla also said that the platform in the pilot phase would be launched during the upcoming edition of its flagship mega show named Indusfood 2020. Earlier in 2019, the business chambers from India and Singapore started a joint venture through micro, small and medium enterprises (MSMEs) to go to the bigger Southeast Asian markets by finalising this MoU which was signed last week. The MoU inked by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Singapore Indian Chamber of Commerce and Industry (SICCI) would offer training, assistance and facilitation to MSMEs of both countries, along with other businesses to aid in establishing bases and joint collaborations . This will not only promote Singapore company incorporation but entrepreneurs are expected to leverage business startup schemes and grants in Singapore. On the occasion of the MoU signing ceremony held following the India 101: Internationalisation Conference, Jawed Ashraf, India’s High Commissioner to Singapore, mentioned, “Singapore has always been a gateway for India into Southeast Asia, and just think of the opportunities that Singapore’s SMEs can have by being a bridge for Indian companies into Southeast Asia.”

Ashraf also said that India, along with the Monetary Authority of Singapore (MAS) is in the process of creating a new platform named, ‘Business Sans Borders’ that would connect Indian companies through Singapore to the ASEAN.