The trade finance business is highly valuable and lucrative in India. However, like every business, the trade ecosystem also comes with inherent challenges. The industry as a whole is fragmented and time-consuming in nature and involves numerous intermediaries in each trade transaction. ICICI Bank realised that a platform encompassing end-to-end trade lifecycle is the need of the hour and it could be fulfilled through hyper-connected platforms fulfilling end-to-end needs of importers and exporters.
ICICI Bank has successfully identified that digital transformation with an increasing emphasis on data-driven decision-making can tackle these pre-existing process inefficiencies and successfully impart a seamless experience to the customers throughout their trade journey. Technology was recognised as a strategic lever to enable a scaled up, cost effective solution for both the customer and the Bank to provide operational efficiency and convenience to our clients.
Launched by ICICI Bank in November 2021, Trade Emerge is a market-first solution that addresses cross-border trade needs of Indian exporters and importers. It provides a single point of access for various trade journeys through alliance partners who are leading solution providers in their respective areas. Notably, 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 assistance in setting up trade market intelligence, last-mile tracking of shipments, banking and financial services and much more, all on a single, user-friendly platform to empower traders to take their businesses to new heights. It aims to consolidate the offerings and provide exporters and importers a comprehensive solution to set up and scale up their business.
These are the key features of Trade Emerge:
● Assistance in setting-up customer’s trade business (obtaining Importer-Exporter Code, Registration-cum-Membership Certificate, etc.)
● Information on global regulatory policies, amendments, new guidelines, tariffs applicable to various commodities
● Access to global trade data & discovering potential buyers and sellers across the globe
● Business Information reports to assess partner creditworthiness and enable informed decision-making
● Integrated digital logistics platform for Request for Quotation (RFQ) management, shipment booking and last-mile tracking
● Latest news & updates regarding upcoming trade events (fairs/expos) and webinars.
Research conducted by the Bank on key customer needs in the import-export space found gaps in the access to relevant information, assistance in setting up of business and end-to-end logistics management. Identifying newer markets and finding new buyers and sellers was also a pain-point. Finding shipping space and ensuring deliveries happen on time was another challenge. Moreover, besides the significant time and effort involved in finding new and credible buyers/sellers by registering in various trade events/seminars, the pandemic made in-person visits impossible due to COVID-19 restrictions.
Existing platforms may cater to those setting up new businesses, but they are generally restricted to a specific industry or focus on a particular product. On the other hand, Trade Emerge offers a unified journey to the customer, catering to their entire trade journey under one roof and imparts a unique competitive advantage to ICICI Bank because of its extensive coverage of relevant use cases. It removes the need for importers and exporters to coordinate with multiple touchpoints.
The Trade Emerge platform empowers businesses to make informed decisions based on
The Trade Emerge platform empowers businesses to make informed decisions based on various analytical tools, which ensures they get the right booking space while getting access to insurance services to ensure a safe end-to-end journey as well as banking services.
To solve all trade-related issues, the Trade Emerge platform has been designed around four main pillars:
● Knowledge Hub: Regulatory guidelines, mandatory documents, guidelines for particular business, stakeholders for the various registrations, etc.
● Identifying New Markets/Partners: Tie-up with database service providers who provide information about newer markets over <180+> countries.
● Logistics: Tied up with various logistics providers who help in finding shipping space, tracking shipment, etc.
● Banking Requirement: Financing requirements, insurance, etc.
Trade Emerge can be accessed through multiple touchpoints, such as from the non-logged in section of ICICI, which means that the platform is accessible to both ICICI Bank customers as well as non-customers. The various functionalities include being able to look up Tariff Data using the search functionality, alongside availability of country-wise HS Codes for products and duty drawbacks. A Customs Duty Calculator is embedded to help in calculating customs duties. A notifications page displays all the regular updates on policy changes, while allowing you to search for policy updates as per the product of your choice.
Meanwhile, the Credit Bureau Entities provides business information reports containing vital information and data points, such as the financial performance of a business, its operational data and transaction history to help you in verifying the credibility of an entity that you have shortlisted. As for Banking and Insurance services, the Trade Emerge platform provides services such as Marine Transit Insurance, besides the Workmen’s Compensation Insurance, Group Health Insurance and others.
Finally, ICICI Bank and its vast range of products and services is always accessible to meet all the requirements of importers and exporters.