Standard Bank has partnered with DP World to offer trade finance solutions jointly with DP World Trade Finance
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.
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.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, commented, “DP World exists to make the world’s trade flow better and this partnership with Standard Bank is testament to that goal. Africa is a key market for us, with this partnership complementing our ongoing investment and development across the continent.
“Our recent acquisition of Imperial Logistics allowed us to enhance our logistics capabilities in Africa. With the addition of DP World Trade Finance into our offerings, we aim to support African businesses of all sizes for their working capital needs. Together with Standard Bank, we will help African businesses go from strength to strength and grow their exports to new markets.”
Kenny Fihla, CEO, corporate and investment banking at Standard Bank, remarked, “As Standard Bank moves forward with the ambition of becoming a digitally enabled organisation, we seek partnerships with global multinationals like DP World to deliver trade solutions to our clients across the continent. Partnering with DP World allows us to enhance how we facilitate cross-border transactions in growing key trade corridors.”
Since its launch in July 2021, DP World Trade Finance has partnered with 23 financial institutions and generated more than US$700mn in credit limit submissions. The registration process takes less than five minutes and more than 57,000 global clients have already signed up for affordable access to trade finance through the platform.