SINGAPORE, Feb. 24, 2021 /PRNewswire/ -- Proxtera, a network of business-to-business (B2B) marketplaces that facilitates cross-border trade for small-medium enterprises (SME), and Tazapay, a digital escrow service for cross-border trade, today announce their partnership to launch Proxtera Protect, Powered by Tazapay to provide international buyers and sellers with a secure and protected payment service to streamline global trade.
Proxtera and Tazapay Partner to Propel Cross-Border Trade for SMEs
In partnership with Proxtera, Tazapay will provide a digital escrow service for both buyers and sellers connected via participating platforms on the Proxtera network. Many businesses already use Proxtera to identify new trade partners and connect to discuss, negotiate and finalize trade terms. Through Proxtera Protect, Powered by Tazapay, SMEs will be able to complete transactions through the secure escrow payments service, providing both buyers and sellers with a critical layer of protection and confidence when doing business with a new partner.
"Tazapay is committed to solving a long-term problem for SMEs, which is that they are often restricted from growing their number of trading partners due to lack of trust around shipments and payments," said Rahul Shinghal, CEO of Tazapay. "This hinders business success, and Proxtera is similarly focused on providing SMEs with options and tools that allow them to work with a wide range of business partners and drive growth. We're pleased to power Proxtera Protect and grow alongside Proxtera as both entities focus on their missions to elevate the local economy by empowering SMEs with global trade opportunities."
The first trading corridor to be activated for Proxtera Protect is between India and Singapore. The global pandemic has exacerbated the challenge for SMEs with regard to cross-border payments. Over the last year, new trading partners have not been able to meet to build trust, causing an increased number of deals to fall through and lost time and resources on both sides. Tazapay solves this problem by offering secure digital background checks and an escrow service to hold funds until such time that both parties have confirmed delivery and receipt of the goods. Proxtera Protect also ensures that monies are returned should shipments not arrive.
"Proxtera's mission is to unlock new trade and business opportunities for SMEs around the world, and Proxtera Protect, Powered by Tazapay is a critical component to bridge the trust gap that hinders cross-border trade," said Shirish Jain, program director at Proxtera. "With the addition of trusted partners such as Tazapay, Proxtera can deliver on its promise to provide SMEs a wealth of business tools and opportunities at their fingertips, opening up pathways to growth and driving economic recovery to help businesses thrive in the 'New Normal'."
Proxtera has already helped to connect approximately 300,000 SMEs to new trading partners across Singapore, Philippines, India, and Kenya; and offers a host of digital tools and services that help SMEs more quickly access, evaluate and act on business opportunities.
SMEs can join the Proxtera network via its eCommerce platform partners to benefit from new business opportunities. Upon identifying a potential opportunity, they can leverage Proxtera Protect, Powered by Tazapay's market leading infrastructure to finalise the escrow terms and subsequently make and receive payments securely.
About Proxtera
Proxtera is on a mission to connect the small and medium enterprises of the world by creating an open connector for B2B marketplaces, trade associations, and providers that service SMEs. Proxtera was launched in 2020 and is the commercialisation of Business sans Borders (BSB) an initiative of the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority ("IMDA") that was launched in 2018. Proxtera enjoys support from corporate investors, professional investors, and Singapore government agencies. Find out more at www.proxtera.com or via email contact@proxtera.com.
About Tazapay
Tazapay is a secure digital payments platform for SMEs engaging in cross-border trade. It provides secure digital escrow to help reduce risk and increase confidence for both parties in a transaction and offers background to ensure more transparent trading. Founded in 2020 by former executives from companies including Stripe, PayPal, Grab and Standard Chartered, Tazapay has raised more than $3 million in funding from partners including Sequoia and Saison Capital. Find out more at www.tazapay.com.
