Business-to-business (B2B) marketplace network Proxtera has entered into a collaboration with Tazapay, a digital escrow service for cross-border trade, to enable SMEs to conduct cross-border transactions.

The collaboration will deliver Proxtera Protect, Powered by Tazapay, to streamline business-to-business transactions for companies who intend to trade internationally.

Under the collaboration, Tazapay will provide a digital escrow service for buyers and sellers who are connected through participating platforms on the Proxtera network.

The first trading corridor to be launched for Proxtera Protect will be between India and Singapore increasing opportunities for small and medium-sized companies in the two countries.

Tazapay CEO Rahul Shinghal said: “Tazapay is committed to solving a long-term problem for SMEs, which is that they are often restricted from growing their number of trading partners due to lack of trust around shipments and payments.

“This hinders business success, and Proxtera is similarly focused on providing SMEs with options and tools that allow them to work with a wide range of business partners and drive growth.

“We’re pleased to power Proxtera Protect and grow alongside Proxtera as both entities focus on their missions to elevate the local economy by empowering SMEs with global trade opportunities.”

Proxtera programme director Shirish Jain said: “With the addition of trusted partners such as Tazapay, 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’.”