Thomas Cook India forms partnerships to help SMEs
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Thomas Cook India has announced strategic collaborations with Western Union Business Solutions and DCB Bank aimed at helping small and medium-sized enterprises (SMEs) in India with their cross-border trade payments.
“This alliance is a pioneering move by Thomas Cook India, to penetrate the high growth Indian SME segment for its international trade payment requirements,” said Mahesh Iyer, chief operating officer of Thomas Cook India.
The collaboration leverages the global payments technology platform of Western Union Business Solutions coupled with the trade finance units of DCB Bank, to enable automated confirmation of payments and ease of procurement for the SME.
Kerry Agiasotis, president at Western Union Business Solutions said; “We are delighted to be collaborating with Thomas Cook India to support tens of thousands of SMEs in India. Western Union Business Solutions is a trusted, valuable business ally, helping SMEs in India to compete on the international stage.”
According to KPMG, SMEs’ contribution to GDP is expected to grow from 17% in 2014 to approximately 22% by 2020.
“DCB Bank believes that this solution is ideal for MSME (micro, small & medium-sized enterprises) and SMEs. Both MSMEs and SMEs are important contributors to the economy. The business alliance with DCB Bank, Thomas Cook India and Western Union Business Solutions has the vision to empower MSMEs and SMEs by providing smooth and convenient trade remittance facility,” commented Praveen Kutty, head of retail and SME banking.
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