Trade finance business is very valuable and profitable in India. However, like every business, the trade ecosystem brings with it inherent challenges. The industry as a whole is fragmented and time-consuming in nature and involves numerous intermediaries in every trade transaction. ICICI Bank has realized that a platform that incorporates end-to-end trade lifecycles is a need of the hour and can be met through hyper-connected platforms that meet the end-to-end needs of importers and exporters.
ICICI Bank has successfully identified that digital conversion with a growing emphasis on data-driven decision making can address the inefficiencies of this pre-existing process and successfully provide customers with an uninterrupted experience throughout their business journey. The technology was recognized as a strategic lever to enable a scale-up, affordable solution for both customers and banks to provide operational skills and facilities to our clients.
Launched by ICICI Bank in November 2021, Trade Emerge is a market-first solution that addresses the cross-border trade needs of Indian exporters and importers. It provides single point access to various trade trips through alliance partners who are leading solution providers in their respective areas. Significantly, the platform is available to both ICICI Bank customers as well as non-customers.
The One-Stop Platform offers a knowledge hub for all regulatory and policy information, end-to-end support for setting up trade market intelligence, tracking last miles of invoices, banking and financial services and much more, all individually, on the user. . Friendly platform to enable traders to take their business to new heights. Its goal is to consolidate offers and provide a comprehensive solution for exporters and importers to set up and scale their business.
These are the key features of Trade Emerge:
সহায়তা Assistance in setting up customer’s business (receipt of importer-exporter code, registration-cum-membership certificate, etc.)
তথ্য Information on global regulatory policies, amendments, new guidelines, tariffs applicable to various products
Access to global trade data and discovery of potential buyers and sellers worldwide
● Business information reports to evaluate a partner’s creditworthiness and enable informed decision making
Integrated digital logistics platform for Request for Quotation (RFQ) management, shipment booking and last-mile tracking
সর্ব Latest news and updates regarding upcoming trade events (fairs / expos) and webinars.
The study conducted by the bank on the demand of the main customer in the field of import-export has found gaps in access to relevant information, assistance in setting up business and end-to-end logistics management. Identifying new markets and finding new buyers and sellers was also a pain. Finding shipping space and ensuring on-time delivery was another challenge. Furthermore, apart from the significant time and effort involved in finding new and credible buyers / sellers by registering at various trade events / seminars, the epidemic has made private inspections impossible due to COVID-19 restrictions.
Existing platforms can cater to new business establishments, but they are usually limited to a specific industry or focus on a specific product. Trade Emerge, on the other hand, offers the customer an integrated journey, completes their entire business journey under one roof and offers ICICI Bank a unique competitive advantage due to its extensive coverage in contextual use. This eliminates the need for importers and exporters to coordinate with multiple touchpoints.
The Trade Emerge platform gives traders the ability to make informed decisions based on
The Trade Emerge platform gives businesses the ability to make informed decisions based on a variety of analytical tools, ensuring that they have access to insurance services to ensure a safe end-to-end journey as well as the right booking space.
To address all trade-related issues, the Trade Emerge Platform is designed around four main pillars:
Knowledge Hub: Regulatory guidelines, mandatory documents, guidelines for specific businesses, stakeholders for various registrations, etc.
Identify new markets / partners: those who tie-up with database service providers <180+> Provides information about new markets in the country.
Logistics: Tied up with various logistics providers who help with shipping space, tracking invoices, etc.
Banking Requirements: Financing Requirements, Insurance, etc.
Trade Emerge can be accessed through multiple touchpoints, such as from ICICI’s non-login section, which means that the platform is accessible to both ICICI Bank customers as well as non-customers. Various functionalities include the ability to search for tariff data using search functionality, as well as the availability of country-wide HS codes for product and tariff errors. A customs duty calculator is embedded to help calculate customs duties. A notification page displays all the regular policy updates, allowing you to search for policy updates tailored to the product of your choice.
In the meantime, credit bureau firms provide business information reports with important information and data points, such as the financial viability of a business, its operating data and transaction history to help you verify the credibility of your shortlisted entity. For banking and insurance services, the Trade Emerge platform provides workers’ compensation insurance, group health insurance and other services in addition to Marine Transit Insurance.
Finally, ICICI Bank and its wide range of products and services are always accessible to meet all the requirements of importers and exporters.