Liquid Group a leading cross-border digital payment service provider, headquartered in Singapore, partners with Proxtera in the launch of EMCXhange (Beta) – Digital access to foreign exchange and local settlement options for selected ASEAN & African currencies
Singapore, 02 November 2022 – Liquid Group in partnership with Proxtera, has launched the beta version of a multi-currency settlements platform focusing on local currency settlements for the Ghanian Cedi and the Philippines Peso against the Singapore and US dollar.
Emerging Markets Currency Exchange EMCX (Beta) is a digital portal built and operated by Proxtera and integrated to Liquid Group’s B2B Trade Payment Services Platform to provide SMEs with direct and seamless access to payment and settlement options in Ghana and the Philippines for cross-border transactions. This proof of concept allows SMEs to view ‘live’ exchange rates for currency pairs in the basket of pilot currencies as provided by selected FinTech partners. SMEs can fulfill their payment requirements in a seamless manner. EMCX (Beta) is a collaborative industry initiative aimed at simplifying cross-border payments for SMEs.
As a result of seamless connectivity to Liquid Group’s B2B and B2C cross-border network, SMEs will have access to accurate exchange rates when conducting cross-border payments and settlements.
Jeremy Tan, CEO of Liquid Group, said “We are proud to join this collaboration, as it complements our mission of making cross-border payments more affordable, transparent, and efficient for Singapore’s SMEs and Marketplaces. As we embark on this exciting journey with Proxtera, we look forward to empowering businesses in staying competitive and growing even further in their markets”.
Saurav Bhattacharyya, Chief Executive Officer of Proxtera, said “We are excited to provide SMEs with yet another tool to increase their cross-border trades by reducing their dependency on foreign currencies. The EMCX (Beta) also increases the transparency for exchange rates in ‘exotic’ currencies allowing businesses to make informed decisions on their payment options. This will increase their confidence in participating in the digital trade journey. The EMCX (Beta) is a part of the Proxtera suite of products which cover the end-to-end digital trade journey for SMEs. It aids the financial sector in reducing the $1.7 tn global trade financing gap Covid19 left behind – one small transaction at a time and reduce the rejection rate of financing applications for SMEs.
Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore (MAS), said, “It is important that our FinTech players stay agile and forward-looking in tandem with the dynamic business landscape. MAS is supportive of initiatives that address the need for faster and better emerging markets foreign exchange (FX) discovery and offerings. The EMCX is a transformative step towards greater transparency and smoother FX experience for the SMEs and MSMEs that wish to grow in these new markets.”
About Liquid Group
Liquid Group Pte. Ltd. is a leading fintech company headquartered in Singapore with presence across the Asia-Pacific that provides cross-border corporate B2B and B2C payment solutions for companies and marketplaces. Liquid Group also operates XNAP Network (www.xnap.network) a C2B digital payment acceptance network that enables cross- border acceptance of digital wallets and QR payment apps across multiple markets in the region.
The company is regulated as a Major Payment Institution by the Monetary Authority of Singapore to conduct Account Issuance Service, E-money Issuance Service, Merchant Acquisition Service, Domestic Money Transfer Service, and Cross-border Money Transfer Service. It is also a Non-Bank Financial Institution participant of Singapore’s PayNow and FAST network.
Proxtera is a neutral hub connecting B2B marketplaces, service providers, and trade associations digitally to simplify and amplify trade for small and medium enterprises (SMEs). Proxtera was launched in 2020 as the commercialization of the Business sans Borders initiative by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) to enhance digital and financial inclusivity for SMEs around the world. Today, Proxtera is live with 18 progressive platforms across Asia and Africa, which totals up to 400,000 SMEs in its network.
With the advent of the global digital economy and the diversification of supply chains, Singapore businesses and SMEs have been actively expanding into emerging markets for new trade and services opportunities. These growing business demands are facing a notable for access to agile, efficient, and competitive access to emerging market foreign currencies flows. Leading FinTech Foreign Exchange providers have taken the initiative to work with Proxtera, a digital hub of international business networks, to trial a new approach towards an open and seamless foreign exchange discovery and action hub – called the Emerging Markets Currency Exchange (EMCX). The EMCX digital hub has been trialed by active Singapore SMEs trading across Africa and Asia, noting reduced costs, faster settlements and seamless onboarding compared to traditional approaches.