ICICI Bank News: ICICI Bank launches online platform to help Indian exporters – The Economic Times

Clipped from: https://economictimes.indiatimes.com/small-biz/trade/exports/insights/icici-bank-launches-online-platform-to-help-indian-exporters/articleshow/87864422.cmsSynopsis

The objective of this initiative is to increase efficiency and productivity of exporters and importers decongesting the time-taking physical procedures.

MUMBAI:ICICI Bankhas announced the launch of an online platform, Trade Emerge, to offer digital banking and value-added services to exporters and importers across India. This is aimed to make cross border trade hassle-free and convenient, as it eliminates the need for companies to coordinate with multiple touchpoints.

The list of banking services includes current/saving account offerings, comprehensive trade services (Letter of Credit, Bank Guarantee,Trade Credit etc.), Corporate Internet Banking and Trade Online, foreign exchange solutions, payment and collection solutions and credit cards. The value-added services include 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. These services are offered through partners with expertise in their fields.

In a statement, Vishakha Mulye, Executive Director, ICICI Bank said, “Over the years, India has emerged as a key player in the global export-import space with a consistent growth history. 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 $780 billion.”

The objective of this initiative is to increase efficiency and productivity of exporters and importers decongesting the time-taking physical procedures.

Value-added offerings:

  • Incorporation services: It helps companies looking to set up an export-import business in India to obtain key registrations and licenses such as trade license, Importer Exporter Code (IEC), GST registration and Registration Cum Membership Certificate issued by export promotion organisations or Commodity Boards of India. This digital facility is provided in association with India Filings. It also helps traders to avail certain export benefits under the Foreign Trade Policy of the country.
  • Information services: Businesses in the export and import sector can access relevant information like updates, notifications, guidelines issued by domestic and international regulatory and trade bodies, customs processes and policies, tariff related information etc. on the Trade Emerge platform. This information is provided in association with Federation of Indian Export Organisations (FIEO).
  • Access to global data base of partners from 181 countries: Companies in the export and import business spend a lot of time and effort to find out suitable customers abroad. For doing so, they have to examine a lot of information such as past business records and credibility of potential customers. Through the Market Intelligence section of the portal, exporters and importers get access to a global trade database of nearly 15 million buyers and sellers across 181 countries.
  • Verify potential partners: After selecting a potential customer, they can also verify its credibility through business information reports provided by CRIF and Dun & Bradstreet.
  • End-to-end digital logistics solutions: Post finalisation of the partner, an exporter or importer can avail logistics support for shipment related needs. They get multiple shipment options at flexible prices on Trade Emerge and option of booking freight space instantly as against the previous time-consuming practice of contacting multiple agencies. The platform also enables last mile tracking for the users thereby making the entire process seamless and cost-effective. This digital logistics support is provided in association with Shipsy and Shipwaves.
  • Insurance services: The portal enables exporters and importers to avail various insurance policies to protect their business, which are provided in association with ICICI Lombard. This includes insurances like Marine Transit insurance to safeguard their shipment, group health insurance to offer health coverage to their employees, Workmen’s Compensation insurance and property insurance.

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