UAE-based supply chain solutions company DP World has partnered with South African bank and financial services group Standard Bank to deliver trade finance solutions in Africa.
Through the partnership, the companies aim to fill the gap in unfulfilled demand for working capital on the continent with DP World Trade Finance.
Besides, the collaboration will enable African companies to easily access working capital from Standard Bank through the DP World Trade Finance platform.
Standard Bank Middle East and North Africa CEO Rassem Zok said: “This partnership reflects our strategic vision of driving Africa’s growth. Platform businesses require strong partnerships at various levels of the value chain.
“The value derived from our shared knowledge, capability and skills will create unique opportunities to deliver financial services and trade solutions to our clients.”
DP World Trade Finance links enterprises with financial institutions as a fintech platform apart from directly offering trade finance facilities on its own.
Launched in July 2021, the fintech trade finance platform also provides companies with a single window to access trade finance solutions.
The platform enables customers to easily apply for credit on the digital platform and provides them with the best options from global financiers.
It secured the lending license in June 2022 and offers credit through short-term working capital solutions including invoice factoring, invoice discounting, reverse factoring, and trade payables financing.
DP World Financial Services operates the fintech trade finance platform.
DP World Financial Services senior executive officer Sinan Ozcan said: “DP World offers Standard Bank access to data on cargo movements, enabling them to lend with confidence.
“We in turn plan to co-lend and share risk with Standard Bank on deals made via the platform, whilst Standard Bank will be able to support the many suppliers in DP World’s ecosystem across Africa with its strong financing capabilities.”
