Since its launch in Bangladesh at the end of2020, Serai, HSBC’s digital B2B platform that makes global trading easier for apparel businesses, has onboarded over 700 Bangladeshi manufacturers.
This includes renowned firms such as Viyellatex, DBL group and Envoy Textiles. Through a free digital profile building initiative, Serai has managed to strengthen the digital presence of Bangladeshi manufacturers and suppliers and connect them to international buyers at a time when travel is near impossible, said a press release.
“Serai has helped DBL to connect with new buyers, brands and suppliers virtually to explore a new horizon of opportunities. It has also enabled DBL to exhibit our products and services, achievements, certifications, etc. to its stakeholders in a very effective and efficient manner,” says MA Jabbar, managing director of DBL Textiles.
Established in 2019, Serai currently has over 4,600 companies from over 80 countries including Australia, USA, UK and other European countries, which heavily rely on RMG imports.
“Serai is helping Bangladeshi manufacturers establish a stronger, more productive online presence at a time when its value is immediate. The RMG sector in Bangladesh has embraced this opportunity to digitize, seek new business opportunities and build fruitful relationships with foreign buyers. Our constant innovation improves the trade experience on all sides of the apparel supply chain even more as we continue adding solutions to the platform to meet the ever-changing requirements of the apparel industry,” says Vivek Ramachandran, CEO of Serai.
For example, with the demand for traceability becoming more prevalent for brands and consumers that are shifting to responsible and sustainable consumption, Serai recently launched an end-to-end supply chain traceability solution which helps businesses build supply chain visibility, trace cotton and raw material origins, and track ESG commitments.
In addition, businesses can manage counter-party risk through various risk assessment solutions offered on the platform.
Another new feature allows buyers to upload their requests for quotations (RFQs).
Manufacturers and suppliers can now access and respond to new RFQs, enabling new business opportunities and product diversification while buyers can choose suppliers that best suit their needs.
In a time of great competition and changing partnership dynamics, this is a valuable service for all stakeholders in the supply chain.
To further improve the connectivity of the Serai platform, the platform’s search and connect functionality has been enhanced. The search option can filter prospects by location, business type and degree of connection, allowing users to find and connect with specific types of potential business partners including, brands, sourcing agents, manufacturers, distributors, retailers, and more.
“I believe that manufacturers need to keep up with the modern world. Platforms like Serai can help the RMG manufacturers in Bangladesh in saving expenses and time. Moreover, it’s totally free,” Kutubuddin Ahmed, chairman of Envoy Textiles, said.
Serai has proven to be an important conduit for market players to form new business alliances and make quicker and better trade decisions, all while meeting modern demands for digitization and sustainability.