India-based private sector bank ICICI Bank has today announced the launch of digital solutions for exporters, a comprehensive set of banking and value-added services on a single platform.
In a first-of-its-kind initiative in the industry, the suite of solutions digitizes the entire export life-cycle – from the discovery of export markets, export finance, and foreign exchange services to the receipt of export incentives for MSMEs and large MNCs.
The initiative aims to simplify the journey of exporters by decongesting the current time-intensive manual procedures, thereby significantly improving their operational efficiency.
The set of solutions also offers industry-first facilities such as instant disbursal of Export Packing Credit (Insta EPC) and Trade APIs. Insta EPC provides export finance instantly, while Trade APIs enable the smooth handling of export transactions directly from exporters’ ERP systems, thereby providing greater convenience.
Speaking about the initiative, Sumit Sanghai, Head of the Large Clients Group, at ICICI Bank said, “Over the years, exports have been an integral part of India’s growth. India’s overall exports in FY 2022 grew by 36% to over USD 670 billion from a year-ago period. It is estimated to touch USD 2 trillion by 2030. ICICI Bank intends to support the growth of exporters with an all-encompassing suite of digital solutions.”
“The set of solutions enables large, medium, and emerging companies to undertake their export transactions online, anywhere and anytime. We believe that this initiative will bring in unmatched efficiency in the entire export lifecycle across industries and act as a catalyst in their business growth,” Sanghai further added.