Intellect Design Arena Invests In Government Procurement Exchange

As per World Bank analysts, governments and public institutions today spend an estimated USD 13 trillion yearly on public contracts for goods, services and public works. As much as a quarter of that is wasted in inefficient procurement practices. Halting the waste could free up to a whopping USD 4 trillion a year, to put economies on a path towards green, resilient and inclusive development.

To address this challenge for governments all over the world, Intellect Design Arena, a cloud-native and multi-product fintech firm unveiled Government Procurement Exchange (iGPX), an API-based public procurement platform composed with eMACH.ai, an open finance platform along with embedded generative artificial intelligence (Gen AI). Intellect Design targets USD 40 million in revenue through a new line of business by 2027.

The government and public institutions across the globe especially the emerging markets (EM) face several headwinds in terms of complex purchase processes, non-standardised tendering and bidding practices, low participation of micro, small and medium enterprises (MSMEs), lack of transparency etc.

Non-standard practices result in inefficiencies and raise procurement costs by 20 to 30 per cent because of lack of competition and corruption. iGPX embeds expert Al agents to enable the best price, reduction in procurement cycle time, tailored procurement rules and transparent bidding practices supported with unbiased grievance redressal to foster social and economic inclusivity to local sellers, SMEs and other communities.

“iGPX marks a transformative moment in public sector procurement that uniquely derives its growth from interdependency among all actors in the ecosystem. The World Bank has globally acknowledged the need for the private sector to play a much bigger role in the socially and environmentally responsible development of the planet,” said Debanjan Kumar, Chief Executive Officer (CEO), Intellect Design.