Tide, which claims to be one of the UK’s leading SME-focused business financial platforms, announced the launch of the MSME Exchange Program (MEP) – which is described as “an initiative designed to localize entrepreneurship and foster bonds between small business owners from India and the UK.”
MEP will further “strengthen ties between the two countries, with Tide expanding its operations in the country after committing to empower 500,000 women-led small businesses in India by 2027 and promising a £100m investment in the country.”
MEP is said to be “an industry-first initiative by any fintech company working in India’s 63m-strong MSME ecosystem.”
Tide will “choose two entrepreneurs 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 program which starts on 1 June 2023 and ends on 30 May 2024.”
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.”
Dr. Oliver Prill, CEO, Tide said:
“Through the MSME Exchange Programme, Tide is taking a huge step in championing small businesses and fostering bonds between small business owners in the UK and India. We recognise that they have shared ambitions, including exporting their goods and services between the two countries, which share historic ties.”
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.”
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.”