ICICI Bank has launched Trade Emerge, an online platform to offer digital banking and value-added services to exporters and importers across India with special focus on the small and medium enterprises (SME). 

The bank's SME loans to customers of less than Rs 2.5 billion grew 43% year-on-year to Rs 33,140 crore in the second quarter ended September 30, 2021. Even sequentially the portfolio grew by 11.3%. 

Banking services offered under the platform include current and saving account offerings, comprehensive trade services (letter of credit, bank guarantee, trade credit, etc.), digital solutions like 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 a 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 insurance services.

“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. From April to October 2021, our overall exports (merchandise and services combined) and imports are estimated to be nearly $780 billion, recording a rapid growth over the same period last year," ICICI Bank executive director Vishakha Mulye said.

The objective of this initiative is to increase efficiency and productivity of exporters and importers decongesting the time-taking physical procedures,” Mulye added.

The bank is also seeing an uptick in the number of credit enquiries for its digital platforms like InstaBix, Merchant Stack and Trade Online, which is helping it acquire new customers. The aim is to tap into this latent demand with the new offering.

The key services include incorporation services, including obtaining key registrations like Importer Exporter Code (IEC), GST registration, and Registration Cum Membership Certificate issued by export promotion organisations or Commodity Boards of India.

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 this platform, along with verifying potential partners, insurance services, including marine insurance, and end-to-end logistics solution.