Posted on December 21, 2022
Since its launch in July 2021, DP World Trade Finance has generated over $600 million in credit limit submissions by facilitating a streamlined connection between SMEs and financial institutions on its trade finance platform. The platform has registered over 56,000 global clients from more than 50 countries around the world to provide them with affordable access to trade finance.
The latest financial institution to join the platform is India Factoring and Finance Solutions Pvt. Ltd, a leading, independent provider of specialised trade finance products in India. The company will now be able to use the DP World Trade Finance platform to lend with confidence and help companies access the capital they need to trade efficiently.
DP World’s extensive outreach to businesses across the globe, visibility on trade data and control over cargo help financiers connect with businesses, identify risks, build confidence and provide credit, while businesses gain access to affordable and innovative financing options to grow their business.Sinan Ozcan, Senior Executive Officer of DP World Financial Services„
Sinan Ozcan, Senior Executive Officer of DP World Financial Services, outlined the importance of Trade Finance in DP World’s efforts to enable world trade: “DP World’s extensive outreach to businesses across the globe, visibility on trade data and control over cargo help financiers connect with businesses, identify risks, build confidence and provide credit, while businesses gain access to affordable and innovative financing options to grow their business. So far, we’ve onboarded 20 financial institutions onto the platform, covering 80 countries total, and the registration process for new clients is less than five minutes. By enabling more business through finance, we can support growth and generate greater value for all of our partners and customers.”
Ravi Valecha, CEO of India Factoring and Finance Solutions Pvt. Ltd, said: “As a leader in worldwide smart end-to-end supply chain logistics, DP World handles over 10% of global container traffic and has terminals in countries across the world. Being part of trade finance is a natural extension for them and India Factoring and Finance Solutions Pvt. Ltd. is glad to be associated to be part of their cross-border trade finance solutions – a natural extension as a leader in India’s cross border factoring space.”
Many SMEs have their finance applications rejected every year when they are unable to provide the credit history along with additional trade data that financiers routinely require for credit approvals. These are businesses who buy, sell, import and export goods around the world, meaning a vast amount of trade is being lost. Fundamentally, the level of access to trade finance is critical not only to the survival and growth of exporters, importers and logistics companies, but to the growth of economies as a whole.