Etihad Credit Insurance (ECI) has signed an MoU with Emirates NBD and Crediti Fintech, for the implementation of the ‘UAE Trade Finance Gateway’. The receivables financing marketplace is designed to help businesses based in the UAE obtain fast and easy access to finance and boost their business while supporting the UAE’s ‘Operation 300bn’ industrial strategy which aims to raise the sector’s contribution to GDP from AED133 billion to AED300 billion by 2031.
The public-private partnership will position ECI as the main gateway enabling ECI, banks and exporters to trade credit and financial solutions on one unified platform. ECI insurance cover will enable businesses to obtain secured loans from Emirates NBD, powered by Crediti Fintech’s Monimove platform.
In addition to Emirates NBD, ECI is also collaborating with other banks in the UAE to encourage smooth collaboration between all parties in an end-to-end digitized process with standardized mechanisms for counterparties to monetize their receivables.
Supported by the UAE Ministry of Economy, the project effectively addresses the shortage or restricted availability of trade finance solutions for small enterprises, while simplifying cumbersome, confusing and time-consuming processes.
Commenting on this agreement, Massimo Falcioni, ECI CEO, said, “Launched as part of the UAE’s golden jubilee, the UAE Trade Finance Gateway addresses a number of challenges faced by exporters and re-exporters in obtaining finance to fund their working capital requirements. In collaboration with leading banks and financial institutions in the country, it will help SMEs through a wide range of financial and technological solutions to establish a strong SME sector and a resilient economy.”
Ahmed Al Qassim, Group Head, Corporate and Institutional Banking at Emirates NBD, said, “We are delighted to form this strategic alliance with ECI and Crediti Fintech to be part of the UAE Trade Finance Gateway. A receivables financing marketplace backed by ECI’s strong insurance coverage will help to strengthen the financial supply chain for UAE businesses and further boost the nation’s position as a global trade hub.”
Hashim Al Hussaini, Crediti CEO & MoniMove Co-Founder, stated, “Exporters and re-exporters, especially those belonging to SME sectors, encounter several obstacles in international trading. With the ‘UAE Trade Finance Gateway’, the UAE is all set to facilitate a comprehensive solution to these concerns through an exceptional platform that helps businesses in the UAE to grow exponentially in regional and global markets.”
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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