Proxtera today announces a new partnership with OneHypernet, Singapore’s first remittance aggregator, to support Singapore outbound cross-border trade. This partnership widens the range of remittance options for secure payments via Proxtera, providing smoother and more affordable cross-border transactions to SMEs connected to the Proxtera network.
Proxtera was launched in 2020 as the commercialisation of the Business sans Borders initiative by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) to empower global small and medium enterprises (SMEs) with greater access to global trade opportunities and options by creating a network of marketplaces. Proxtera’s new service provider partner, OneHypernet, connects the world’s foreign exchange markets – banks, corporates, and payment service providers to a unified ecosystem powered by enterprise blockchain technology.
This collaboration addresses the biggest challenge that SMEs face when expanding their reach globally, the lack of resources and services supporting their end-to-end trade process. Among these, payment is often the biggest concern due to the extra friction from different currencies, foreign exchange markets and regulations.
Tan Jin, Co-Founder of OneHypernet, remarked: “We are really excited to form a partnership with Proxtera as we strongly believe in Proxtera’s vision of uplifting SMEs with the power of digital networks and modern technology. As a global payments network that leverages on enterprise blockchain technology, OneHypernet will provide these SMEs with the best wholesale FX rates from our network of licensed remittance partners and financial institutions. This helps these SMEs in reducing the costs of their cross-border trades since FX rates are often the biggest cost component when making overseas payments.”
“On top of getting the best FX rates, SMEs will soon be able to conduct transactions with the most efficient payment route generated in a secure enclave on a decentralised basis over our enterprise blockchain network. Both buyers and sellers on the Proxtera network will thus enjoy the highest level of data privacy and confidence when engaging in business with a new partner,” Tan Jin added.
“Proxtera’s goal is to unlock new trade and business opportunities for SMEs around the world, and secured remittance is a critical component to bridge the trust gap that hinders cross-border trade,” said Shirish Jain, program director at Proxtera. “With the addition of trusted partners such as OneHypernet, Proxtera can deliver on its promise to provide SMEs a wealth of business tools and opportunities at their fingertips, opening up pathways to growth and driving economic recovery to help businesses thrive in the ‘New Normal’,” commented Shirish Jain, Program Director, Proxtera.
Proxtera has already connected and expanded global business opportunities for 400,000+ SMEs to new trading partners across Singapore, India, Philippines, Kenya and provides a host of digital tools and services to help them acquire, evaluate and capitalise on trade opportunities faster than ever before. This partnership with OneHypernet, a truly decentralised, unified payments ecosystem will secure the inclusivity and seamless digital transformation of our SMEs into the global value chain.