A first in India; Fintech Tide announces cross-border MSME Exchange Programme to glocalise entrepreneurship
|~ 16 small businesses from India and the UK will be beneficiaries of the cross-country visits ~ |
~ MEP is an industry-first initiative by any fintech working in the MSME ecosystem ~
Tide, the UK’s leading SME-focused business financial platform, today announced the launch of the MSME Exchange Programme (MEP) – an initiative designed to glocalise entrepreneurship and foster bonds between small business owners from India and the UK. MEP will further strengthen cross border ties between the two countries – Tide has been expanding its operations in the country as part of the India-UK bilateral trade relations.
The MSME Exchange Programme is an industry-first initiative by any fintech company working in India’s MSME ecosystem. MEP will enable smaller entrepreneurs to widen and sharpen their business knowledge, and ultimately to grow their businesses. The MEP targets New-to-Business and New-to-Digital micro-entrepreneurs in both countries. Tide aims to unlock opportunities for millions of existing and budding entrepreneurs, including those who might want to export to and from India and the UK.
Tide will choose two entrepreneurs/small business owners every quarter from India and the UK, and sponsor them under the MEP to visit the UK and India. A total of 16 small businesses, 8 from each country will benefit from the programme. The programme starts on 1 June 2023 and ends on 30 May 2024.
Dr. Oliver Prill, CEO, Tide said, “Tide is committed to championing small businesses and the MSME Exchange Programme is a huge step in this direction. We know that small business owners in India and the UK have shared ambitions, including exporting their goods and services between the two countries, which share historic ties. The MEP will deliver an exchange of ideas and know-how that small business owners from both countries can turn into concrete action.”
Alex Ellis, British High Commissioner to India, said: “Prime Minister Sunak and Prime Minister Modi have reiterated the huge opportunities that closer trade and investment ties offer British and Indian businesses and consumers. Our investment relationship already supports nearly half a million jobs in each other’s economies. Creating direct linkages between growing businesses from both countries will take us further. I congratulate Tide on adding to the India-UK success story.”
The MEP will offer Tide members from both countries information and knowledge-exchange in the following areas: product, regulatory compliance, legal frameworks, entrepreneurship, ease of doing Business, and networking.
Gurjodhpal Singh, CEO, Tide India, said, “MSMEs are the backbone of India’s economic aspirations. Tide India is eager to act as an active enabler of small businesses, and unlock the true potential of MSMEs. We are grateful to the British High Commission and the Indian Government for supporting us in this mission. We look forward to supporting those small businesses who will take part in what is a significant initiative by Tide.”
With more than 9% of the SME market share in the UK, Tide is expanding its presence in the Indian MSME ecosystem across Tier 1, 2 and 3 cities. Tide has onboarded and issued RuPay Cards to over 50,000 member SMEs (customers) from India on its platform with a video Know Your Customer (v-KYC). The platform has seen adoption from mom & pop shops, solopreneurs & financial services professionals across the country.