B2B marketplace network Proxtera is expanding its reach as more small- to medium-sized businesses (SMBs) are beginning to digitize, including adding to its network in Asia and Africa next year, The Business Times reported Wednesday (Oct. 27).
The report says that work will include providing domestic ecosystems and SMBs greater access to the digital economy. With third-party providers, Proxtera also intends to boost its embedded SMB financial services, offering its audience more tools for financial empowerment.
Per the report, both initiatives will work to help boost cross-border trade and financial services in several partner countries in Asian and African markets.
The news comes after the Monetary Authority of Singapore worked with the Infocomm Media Development Authority to roll out Business sans Borders (BSB) in 2018, which created an open connector for SMBs to connect with a number of bodies like business platforms, trade associations and related service providers.
Working through Proxtera, BSB now serves around 400,000 SMBs in 13 marketplaces in seven countries, the report says.
“With a single integration point, Proxtera facilitates instant access to broader marketplaces and services through smart search through its open application programming interface (API), smart recommendation, and matching of platforms for service providers; including those from banks, FinTechs, and logistics through its artificial intelligence (AI) machine learning core,” Proxtera’s program lead, Winston Nesfield, said per the report.
Proxtera launched in March to empower wholesale marketplaces to “discover new buyers and sellers around the world, transact securely and access a range of financial and logistics services” to trade more successfully.
Read more: Proxtera Rolls out Network for B2B Connections
Proxtera is an open global network working on connecting several like-minded platforms across numerous different countries and industries. It is used by B2B platforms to expand the demand pool and allow businesses to access digital service providers.
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