A partnership between DBS Bank India and Gofrugal Technologies helps SMEs adopt ONDC

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      The Indian state of Maharashtra, December 26 (ANI/PRNewswire): Today, Gofrugal Technologies Pvt. Ltd., a seller-focused platform that provides Omnichannel ERP solutions, and DBS Bank India announced their collaboration. The business helps enterprise clients, such as small, medium, and large businesses as well as retail merchants, to embrace the Open Network for Digital Commerce (ONDC) and grow their digital presence. Through innovation and the provision of digital solutions outside of traditional banking, the cooperation strengthens DBS Bank India’s commitment to reinventing SME banking. It also underscores the bank’s priority of providing MSMEs and SMEs with profitable service while figuring out new methods to do it. by developing innovative digital alternatives outside of traditional banks, and reimagining SME banking. Micro, small, and medium-sized businesses will benefit from working with Gofrugal Technologies to join the e-commerce revolution.

      The Government of India’s Open Network for Digital Commerce (ONDC) program is a platform built on an open protocol that would enable local commerce in a variety of industries, including mobility, groceries, food order, and delivery, hotel booking, and travel. In order to compete with the large international e-commerce companies that now hold the majority of the market share in India, the government introduced ONDC in April. The platform provides MSMEs with a fair playing field in an effort to open up new prospects.

      The ONDC will promote innovation, especially in the start-up ecosystem, and increase the country’s use of digital technology. It is anticipated that ONDC will increase India’s Gross Merchandise Value from 4.5 lakh crore to 7.5 lakh crore. By digitising its shop, inventory, and operations, Gofrugal Technologies, one of its technology partners, is a leader in the field of ERP for onboarding seller applications.

      Also Read: The Probability of an MSME turning into an NPA can now be Checked by Banks.

      Through this collaboration, DBS Bank India is integrating Gofrugal Technologies’ digital solutions to assist small enterprises in efficiently cataloging their items and extending their ONDC sales channels.

      According to a FICCI-Anarock analysis, the rapidly expanding e-commerce business in India is predicted to reach US$120 billion by 2026, according to Divyesh Dalal, Managing Director & Head Of Global Transaction Services, DBS Bank India. The industry has shown a remarkable potential to flourish in tier 2/3 markets and metro areas, with ONDC offering possibilities and leveling the playing field for merchants across cities. Through our relationship with Gofrugal, we can advance tech-based solutions for merchants looking to join the ONDC network, allowing broader involvement in the sector’s anticipated next phase of growth.

      The ecosystem needs a partner like Gofrugal to come together and shorten time-to-market. We appreciate the efforts of all of our partners, middlemen, and regulators in providing the merchants with this cutting-edge solution.” Also, Read | 5G: According to the ICEA, by 2023, 80% of new smartphones in India would support 5G.” Gofrugal is thrilled to collaborate with DBS Bank India to assist SMEs in gaining a sizeable portion of the rapidly expanding digital commerce environment. The omnichannel ERP of choice for SMEs in India is Gofrugal, and DBS Bank India is a powerful SME facilitator.

      By improving the way customers obtain cash, handle payments, and manage their finances, we anticipate that this alliance will provide SMEs with considerable advantages. The owners and partners of SME enterprises will be able to concentrate more on market prospects and provide excellent customer service as a result. According to Kumar Vembu, CEO of Gofrugal Technologies, “it will genuinely empower SME enterprises to protect their dominating hyper-local position, which provides them expanding prospects, in keeping with the mission and purpose of ONDC. To enhance loan service, DBS Bank India seeks to provide its dependable digital platforms and straight-through processes.

      To reduce the loan cycle, it aims to reinvent the whole client journey. In the future, the bank will broaden its digital offerings beyond traditional banking, such as loans, to meet the needs of SMEs and MSMEs, including the capacity to effectively manage payments, payroll, cash management, insurance, and third-party goods. In order to decrease food waste, DBS Bank India has been helping partners in the ecosystem that share its commitment to achieving positive outcomes in sustainable food and agricultural systems. The bank launched its collaboration with Stellapps earlier this year in an effort to increase dairy farmers’ access to digitization while simultaneously promoting financial inclusion.

      For both big and small and medium-sized businesses, DBS Bank India has been proactive in recognizing business needs and developing tailored banking solutions to satisfy their end-to-end requirements. The bank unveiled a cutting-edge payment method for the Transport Corporation of India Limited in 2020. (TCI). It also developed real-time online monitoring for cross-border collections for businesses in India in cooperation with SWIFT Global Payments Innovation and introduced ODeX Pay Later Solutions powered by DBS, a hassle-free credit solution for freight forwarders.

      Also Read: According to the BYST report, 57% of MSME owners struggle to get new orders for their Merchandise

      DBS Bank India launched DBS Business Class foundED in April of this year in accordance with its aim to help emerging start-ups in India. These partners included evangelist network Headstart Network Foundation and startup venture capital firm Anthill Ventures. The bank also disclosed the beginning of a new award program to assist SMEs in their transition to more sustainable enterprises. With 19 markets, DBS is a prominent financial services firm in Asia. DBS has received accolades for its worldwide leadership, including the titles of “Best Bank in the World” by Global Finance, “Global Bank of the Year” by The Banker, and “World’s Best Bank” by Euromoney.

      The bank, which has been recognized as the “World’s Best Digital Bank” by Euromoney and the “Most Innovative in Digital Banking” by The Banker, is at the forefront of utilizing digital technology to create the future of banking. Additionally, from 2009 through 2022, DBS received the “Safest Bank in Asia” accolade from Global Finance for 14 straight years. DBS also held the top spot for two years in a row on Forbes’ ranking of the world’s best banks in India. DBS Bank established its first branch in Mumbai in 1994, beginning a 28-year presence in India. The first of the major foreign banks in India to begin operations as a fully-owned, locally formed subsidiary of a major international bank is DBS Bank India Limited.

      In India, DBS offers a full range of banking services to big, medium-sized, little, and individual customers. The first mobile-only bank in India, digibank, was introduced by DBS in 2016, and it currently has one million savings accounts. Lakshmi Vilas Bank and DBS Bank India Limited merged in November 2020. The bank now has a network of about 525 branches in 19 different Indian states. DBS offers a comprehensive selection of SME, corporate, and consumer banking services. DBS is an Asian-based bank that is familiar with the complexities of operating in the most dynamic economies in the area. DBS is dedicated to creating enduring connections with its clients and having a good social effect.

      It created an SGD 50 million Foundation to promote social entrepreneurs, and companies with a double bottom line of profit and social and/or environmental impact, and bolster its corporate social responsibility initiatives throughout Asia. As part of a worldwide sustainability strategy, DBS launched the “Towards Zero Food Waste” program in 2020 to promote a change in attitudes and behaviors that will minimize food waste. DBS pledged an extra SGD 100 million in 2022 to strengthen its capacity to have an effect outside of banking and to support the bank’s many charitable and crisis relief initiatives.

      DBS offers intriguing employment prospects due to its vast network of operations in Asia and focus on empowering and involving its employees. The bank recognizes the enthusiasm, dedication, and can-do attitude of our 30,000+ employees from over 40 different countries.

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