MAS and IMDA launched the second phase of Business sans Borders (BSB) which would harness Artificial Intelligence to match domestic and cross-border trade, paired with essential financial sector and business services for small and medium enterprises (SMEs) in Singapore and beyond
BSB Phase 2 Pilot would explore live transactions from both domestic and cross-border trades with multiple platforms and SMEs, starting with those based in India, the Philippines and Singapore. The Singapore government would also explore piloting procurement via BSB.
BSB would gradually be opened up in late 2020 to a wider set of platforms and participants, and provide a new channel for the financial services sector, such as financial institutions, Fintechs and advisory platforms, to enhance business ecosystems and SMEs in the global digital economy.
The first phase saw MAS and IMDA successfully completed a Proof-of-Concept earlier in 2019 with several private sector partners across three countries and the proactive recommendation of financial services.