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FIEO & PayPal sign MoU to empower small & medium businesses to sell across the globe in a seamless and safe manner


FIEO/PUB/PR/10/21/18
April 5, 2018

FIEO & PayPal sign MoU to empower small & medium businesses to sell across the globe in a seamless and safe manner

Partnership to further Government’s agenda of Make in India and Digital India

First of its kind partnership to enable international transactions

India, 5th April 2018: Global technology platform and digital payments leader, PayPal and the Federation of Indian Export Organisations (FIEO), India’s apex international trade promotion organisation, today announced a partnership to promote exports while leveraging the technology and experience of each other. PayPal will work with FIEO to educate SMEs on how to leverage global opportunities, help them receive money in a safe and timely manner with PayPal products like invoicing and bring to them global best practices from across 200 markets.

Dr. Ajay Sahai, Director General & CEO, said ‘The MoU will help FIEO to reach the cottage industries, artisans, house-wives, youths, MSMEs and clusters, even in far-flung areas to develop their orientation towards exports. The Paypal products like invoicing solutions, safe and trusted payment options for buyers, easy integration with existing business systems will help encourage the entrepreneurs and the startups alike to take to exports without any difficulty, without much technical knowhow. All these are in line with the Prime Minister’s vision of Make in India, Digital India and empowering the youth for start-up encouragement with export orientation.’

Speaking on the same Shri Anupam Pahuja, Managing Director and Country Manager, India, PayPal said, ‘With the shift towards an entrepreneurial mindset amongst Indians, the focus will now shift towards enablers that can fuel their success. This MoU will essentially focus on training Indian SMEs in various aspects of exports and familiarize them with global growth opportunities. Certain inherent challenges have deterred the Indian SME sector from performing to its true potential. Our programs and seminars will debunk myths and simplify the entire ecosystem for the SMEs. FIEO’s members contribute to more than 70% of India’s exports and we look forward to leveraging our partnership to strike the global chord’

Most small exporters from India tend to focus on the local market to steer away from the risks associated with operating in a global marketplace. Complicated shipping and exports procedures also serve as deterrents for this sector which has very high potential. The awareness programs will address some commonly faced challenges by SMBs and entail trainings to empower them with PayPal solutions tailored for this segment.

PayPal is the only payment system to have partnered with the FIEO to plan engagement activities from Indian SMEs and freelancers.

About PayPal

Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 227 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.



 
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