Dr. Chandroo sees both organisations developing substantial ties in the long run
A Singapore Indian trade chamber, along with a state-supported B2B eCommerce platforms company, will raise funds and expand into the South Asian and African markets as part of creating trading networks, riding on the city state’s Free Trade Agreements with international economies.
“As a start-up, Proxtera will work with SICCI to raise funds and expand into the South Asian and African markets,” Dr. T. Chandroo, chairman of the Singapore Indian Chamber of Commerce and Industry (SICCI), said on 30 April 2021 on signing a Memorandum of Understanding by SICCI and Proxtera, an aggregator of trading platforms.
“With SICCI’s collaboration it hopes to create one of the largest trading networks riding on Singapore’s FTA arrangements,” he said, adding that for trade associations, Proxtera works to leverage digitalization of associate members through quick onboarding and enhanced connectivity.
Asia in 2019 accounted for 23 percent of capital flows, compared with 13 percent 10 years ago, and in 2019 accounted for 16 percent of global cross-border flows of data, up from 10 percent previously, he pointed out.
Emerging economies are counterparts on more than half of global trade flows, and South-South trade is the fastest-growing type of connection, he noted.
SICCI and Proxtera, on Friday singed a Memorandum of Understanding (MoU) to work on international markets.
“Working together, I know that we will enhance both our organisations and develop substantial ties in the long run,” said Dr. Chandroo.
“This is even more important now as the world is ravaged by COVID-19 and businesses must rethink their avenues of cooperation and growth. Our partnership will be instrumental in guiding (Singapore) entrepreneurs connect to a larger trading ecosystem and to reap the benefits of the network,” he underlined.
SICCI is planning to become a gateway of opportunity for those exploring digital trade and financing services. It has recently established an International Business Division to serve the internationalization of trade, finance and investment needs of Singapore companies.
“We have a dedicated committee on International and Bilateral trade relations that establishes linkages with overseas institutions and organizes B2B interactions.”
SICCI has always looked to nurture aspiring entrepreneurs and help businesses to become innovative, said Dr. Chandroo, adding that the two partners will establish a mutually beneficial platform to connect members of business organisations, advance economic growth, and create opportunities for expansion.
Dr. Chandroo pointed out that Singapore has signed Digital Economy Partnership Agreements (DEPA) with several countries such as Chile, New Zealand, Australia that were among the first to do so. This will accelerate engaging more partners across the world, he stressed.
Further, the Monetary Authority of Singapore has made a joint statement on Financial Services Data Connectivity with the U.S. Department of the Treasury to work with international community to develop standards to support trust and security for cross-border flows of financial data.
Singapore’s investment in Fintechs is another strategic advantage. Singapore is investing into five key verticals of the Digital Financial Services industry: Payments, Remittance, Lending, Insurance and Investments which will put them ahead of many other countries, Dr. Chandroo added.
The introduction of SGFinDex, the world’s first public digital infrastructure to use a national digital identity and centrally managed online consent system for individuals, brings it to the level of the individual and the Small and Medium Enterprises to be able to consolidate their financial information, elaborated Dr. Chandroo. #investment #banking #funds #markets #technology #fintech #startup /fiinews.com
