MUMBAI: ICICI Bank has 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.”
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