Private sector bank ICICI Bank has announced the launch of “Trade Emerge,” an online trading platform to offer comprehensive digital banking as well as value-added services to exporters and importers across India.
“The first-of-its-kind initiative makes cross-border trade hassle-free, expeditious and convenient, as it offers an array of services in one place, which eliminates the need for companies to coordinate with multiple touchpoints,” Bank said.
The list of banking services includes current / saving account offerings, comprehensive trade services (Letter of Credit / Bank Guarantee / Trade Credit, etc.), digital solutions like Corporate Internet Banking and Trade Online, state-of-the-art foreign exchange solutions, payment & collection solutions, and credit cards.
The list of value-added services includes the incorporation of trade business, access to global trade database of nearly 15 million buyers and sellers across 181 countries, verification reports of potential customers through reputed credit bureaus, logistics solutions for shipment booking and last mile tracking, and insurance services like marine insurance all available online through a single window, and many more.
These services are offered through partners having expertise in their respective fields.
Speaking on the launch, Vishakha Mulye, Executive Director of ICICI Bank said, “Over the years, India has emerged as a key player in the global export-import space with a consistent growth history. Various factors, the country’s young demography, strong consumer demand, healthy production, and supportive government initiatives – have contributed to the growth. During April to October 2021, our overall exports (merchandise and services combined) and imports are estimated to be nearly USD 780 billion, recording a rapid growth over the same period last year.”
“The ‘Trade Emerge’ portal offers a comprehensive digital suite of various banking and value-added services to the companies engaged in export and import,” the statement said.
“The objective of this initiative is to increase efficiency and productivity of exporters and importers decongesting the time-taking physical procedures,” Bank added.
Adding to the statement, ICICI Bank further said, “This is a part of the Bank’s endeavor to offer customized digital banking as well as value-added solutions to corporates, and their entire ecosystem through various initiatives. The benefit of this platform is available to all exporters and importers, even if they are not customers of ICICI Bank.”