Proxtera Introduces a Cross-Currency Trading Platform for Asian Economic Community (AEC) and African currencies
In a significant move to simplify cross-border trade for Small and Medium-sized Enterprises (SMEs), Proxtera has launched the beta version of its Emerging Markets Currency Exchange (EMCX) platform. This innovative multi-currency exchange platform is set to revolutionise the way SMEs navigate foreign currency transactions.
Partnered with leading global players such as WorldFirst, Liquid Group, Thunes, and Wise, EMCX aims to provide SMEs with a hassle-free and efficient solution for cross-border payment settlements. The platform currently supports the Ghanian Cedi and Philippines Peso alongside the Singapore and US dollar, with plans to expand its currency offerings in the future.
The partnership between Proxtera and WorldFirst is expected to create growth opportunities for Singaporean SMEs exploring new and emerging markets. SMEs participating in the trial can benefit from accurate exchange rates for their local currencies, enabling them to make informed decisions on their payment options.
Saurav Bhattacharyya, Chief Executive Officer of Proxtera, expressed his excitement about EMCX (Beta) providing SMEs with a tool to optimise cross-border trades involving foreign currencies. He said, "EMCX is a game-changer for SMEs, offering transparency in exchange rates for 'exotic' currencies and enabling businesses to make informed decisions on their payment options."
Daniel Chua, Head of Commercial for Southeast Asia at WorldFirst, shared his enthusiasm about partnering with Proxtera. He said, "We are thrilled to partner with Proxtera to provide businesses a hassle-free way to pay and get paid globally. This collaboration will undoubtedly benefit SMEs by offering them a seamless and efficient cross-border payment solution."
In addition to offering multi-currency exchange services, Proxtera provides SMEs with wider trade, financing, and digitalisation discoverability through integrations with B2B marketplaces. SMEs signing up to EMCX will have access to the Proxtera network and its ecosystem of trade, financing, and service providers.
Moreover, businesses can use the WorldFirst Digital Wallet to track and record transactions, ensuring a seamless and transparent financial management experience. The full version of the EMCX multi-currency exchange platform by Proxtera is scheduled for release in the second quarter of 2024.
The EMCX digital hub is currently being trialed by Singapore SMEs trading across Africa and Asia. As the trial progresses, Proxtera aims to gather valuable feedback to further refine and improve the platform before its official launch. This initiative underscores Proxtera's commitment to empowering SMEs and fostering a more connected and efficient global trade ecosystem.
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