ICICI Bank launches ‘Trade Emerge’, an online platform for Indian exporters and importers
By Pinkerala News Desk | Nov 24, 2021
First bank in India to offer end-to-end digital banking and value-added services on a single platform
Exporters and importers get access to verified details of nearly 15 million global buyers and sellers across 181 countries
Mumbai: ICICI Bank today announced the launch of an online platform, ‘Trade Emerge’ (https://trade-emerge.icicibank.com), 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.
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 initiative, Ms. 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. Various factors-- the country’s young demography, strong consumer demand, healthy production, and supportive government initiatives -- have contributed to the growth. From 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 objective of this initiative is to increase the efficiency and productivity of exporters and importers decongesting the time-taking physical procedures. 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.”
The key ‘value-added’ offerings are:
Incorporation services: It helps companies looking to set up an export-import business in India to obtain key registrations and licenses such as trade licenses, Importer Exporter Code (IEC), GST registration, and Registration Cum Membership Certificate issued by export promotion organizations or Commodity Boards of India. This digital facility is provided in association with ‘India Filings’, an online business and tax compliance platform. It also helps traders to vail 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 the Federation of Indian Export Organisations (FIEO), the apex trade promotion council in India.
Access to a global database of partners from 181 countries: Typically, companies in the export and import business spend a lot of time and effort to find suitable customers abroad. For doing so, they have to examine a lot of information such as past business records and the 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. It contains important data points such as transaction history, business performance, etc. of the parties, which helps them select customers efficiently. The Bank is offering this service in association with ‘The Dollar Business’, a leading global export-import data and analytics platform.
Verify potential partners: After selecting a potential customer, they can also verify its credibility through business information reports provided by CRIF, a leading credit information company, and Dun & Bradstreet, a leading global provider of business decisioning data and analytics.
End-to-end digital logistics solutions: Post finalization 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 the 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, AI-powered logistics management platforms.
Insurance services: The portal enables exporters and importers to avail various insurance policies to protect their business, which is provided in association with ICICI Lombard, a leading general insurance provider in India. 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.
The Bank will continue to add more value-added services to the platform.
Businesses from across the country involved in the export and import of products from diverse categories including agri-based products like food grains, glass fiber products, raw materials, metal, steel, pharmaceuticals, petrochemicals, finished goods like industrial equipment among others, can visit the ‘Trade Emerge’ portal, <https://trade-emerge.icicibank.com> to avail services as per their requirement.
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About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at ₹16,04,053 crore on September 30, 2021. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management, and securities brokerage companies, and among the country’s largest private equity firms. It is present across 15 countries, including India.
Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are forward-looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non - performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov
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