Over $600 million in credit limits submitted on DP World Trade Finance Platform
More than $1.7 trillion of trade lost each year due to missed trade financing opportunities globally as many SMEs struggle to securing financing
20 financial institutions in 80 countries onboarded so far, with India Factoring and Finance Solutions Pvt. Ltd. the latest to join
DP World Trade Finance platform accelerates efforts to close the global trade finance gap, supporting business of all sizes with trade finance solutions
Efforts to close the $1.7 trillion annual global trade finance gap are gaining traction, especially in the small-to-medium-enterprise (SME) sector, with DP World announcing that its platform has received requests for more than $600 million in credit limits.
DP World Trade Finance offers businesses of every size a quick and simple route to secure the capital they need to trade in global markets. The aim is to bridge the $1.7 trillion of trade finance gap that exists, stemming from struggles that many business face in securing the upfront funds required to move cargo.
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.
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.
DP World is a leading provider of worldwide smart end-to-end supply chain logistics, enabling the flow of trade across the globe. The company's comprehensive range of products and services covers every link of the integrated supply chain – from maritime and inland terminals to marine services and industrial parks as well as technology-driven customer solutions. DP World delivers these services through an interconnected global network of more than 300 business units in 76 countries across six continents, with a significant presence both in high-growth and mature markets. DP World's dedicated, diverse and professional team of more than 101,400 from 162 nationalities are committed to delivering unrivalled value to its customers and partners.
DP World Trade Finance is a fintech platform which brings together importers, exporters, and logistics companies from around the world together with financial institutions and other providers of trade finance. The platform is operated by DP World Financial Services Limited, which arranges and provides credit for clients who is based in the UAE. DP World Services Limited arranges credit for clients outside the UAE.