DP World and Standard Bank partner to expand trade finance in Africa
Standard Bank, the largest bank in Africa by assets, has partnered with DP World, a global leader in supply chain solutions, to offer trade finance solutions jointly with DP World Trade Finance. This partnership will help in closing the gap in unmet demand for working capital on the continent, according to the company's release.
African companies looking for trade finance will now be able to seamlessly access working capital from Standard Bank via the DP World Trade Finance platform.
DP World Trade Finance connects business with financial institutions as a fintech platform while also directly offering trade finance facilities on its own. It offers businesses a single window to access trade finance solutions – customers can simply apply for credit on the digital platform, which will present them with the best options from global financiers who may otherwise be out of their reach.
Access to finance is one of the biggest barriers for businesses seeking global trade opportunities, evidenced by the struggle that many businesses face in securing the upfront funds required to move cargo.
By bringing Standard Bank onto the platform, DP World Trade Finance now offers an array of financing solutions to African businesses, which face an ever-growing need for logistics and financial support to connect to global trade routes.
Since its launch in July 2021, DP World Trade Finance has partnered with 23 financial institutions and generated over $700 million in credit limit submissions. The registration process takes less than five minutes and over 57,000 global clients have already signed up for affordable access to trade finance through the platform. DP World Trade Finance also started directly lending to businesses since 2022.
DP World Trade Finance is a fintech trade finance platform that brings importers, exporters, and logistics companies from around the world together with financial institutions and other providers of trade finance.
Since its launch in July 2021, DP World Trade Finance has partnered with 23 financial institutions and generated over $700 million in credit limit submissions. The registration process takes less than five minutes and over 57,000 global clients have already signed up for affordable access to trade finance through the platform.
DP World Trade Finance has obtained its lending license in June 2022 and is engaged in providing credit via short-term working capital solutions like invoice factoring, invoice discounting, reverse factoring and trade payables financing. DP World Trade Finance plans to participate in risk with existing lenders on the platform to ensure that working capital requirements of clients are adequately met.
The platform is operated by DP World Financial Services Limited, which arranges and provides credit for clients who are based in the UAE. DP World Services Limited arranges credit for clients outside the UAE.
