Fintech firm Tide announces cross-border MSME Exchange Programme for Indian, UK cos

UK-based financial tech platform Tide, on Tuesday, launched an MSME Exchange Programme (MEP) to glocalise entrepreneurship and foster bonds between small business owners from India and the UK.

Tide aspires to reach one million members by 2024. The firm currently has 50,000 members and intends to have a 2 lakh member base in the country this year, its India CEO Gurjodhpal Singh said.

Addressing a press interaction here, he said the company plans to support 16 micro and small enterprises from both India and the UK to expand their operations in the coming months.

"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 June 1, 2023, and ends on May 30, 2024," it stated.

MEP targets New-to-Business and New-to-Digital micro-entrepreneurs in both countries.

Tide CEO Oliver Prill said, "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".

MEP will offer Tide members from both countries information and knowledge exchange in areas, including product, regulatory compliance, legal frameworks, entrepreneurship, ease of doing Business, and networking.

"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," Alex Ellis, British High Commissioner to India, said.