To facilitate the access of Emirati companies to financing

Emirates NBD joins the “Unified Trade Finance Portal”

During the signing of a memorandum of understanding between the Bank and the "Etihad Credit Union" and "Credit Fintech".

From the source

Emirates NBD announced that it has joined the "Unified Trade Finance Portal", the platform that is designed to facilitate the access of Emirati companies to the financing necessary for their business growth, and to support the UAE's industrial strategy "the 300 billion project", which aims to increase the sector's contribution to the GDP from 133 billion dirhams to 300 billion dirhams by 2031.

This came under a memorandum of understanding signed by the Union for Export Credit with the Bank and the Credit Fintech Company, to support the portal project.

main gate

A statement issued yesterday stated that this partnership between the public and private sectors will work to consolidate the position of "Export Credit Union" as a main gateway that brings it together with banks and exporters in one platform to provide innovative financial solutions.

Finance

Under the new agreement, Emirates NBD will provide trade finance to Emirati companies, backed by ECI guarantees, provided through Credit FinTech's Monimov platform.

In addition to Emirates NBD, ECI is also cooperating with other local banks to benefit from a comprehensive digital process with unified mechanisms that help UAE companies protect their trade receivables.

Solution

Massimo Falcioni, CEO of Etihad Export Credit Company, said, "The unified trade finance portal was launched to coincide with the golden jubilee of the UAE, as it was designed to find solutions to a number of challenges facing the access of Emirati companies operating in the export and re-export sector to financing and credit protection solutions." .

He added that "in cooperation with the leading banks and financial institutions in the country, this portal will help small and medium-sized companies through a wide range of innovative financial solutions to reach a strong and resilient economy."

Shopping center

For his part, Head of Corporate and Institutional Banking Group at Emirates NBD, Ahmed Al Qassim, said that "the new platform, supported by credit protection solutions from Al Etihad Credit Co., helps facilitate the access of Emirati companies to trade finance and enhance the UAE's position as a global trade center."

He added, “A strong financial network not only helps small businesses obtain faster and more competitive financing, but also benefits larger businesses by meeting consumer needs and supporting sustainable business growth.”

exceptional platform

In turn, Hashem Al-Husseini, CEO of Credit and co-founder of Monimov, said that "companies operating in the export and re-export sector, especially small and medium-sized companies, face many obstacles in their international trade."

And he indicated that "through the (Unified Trade Finance Portal), the UAE is ready to provide comprehensive solutions to reduce these concerns through an exceptional platform that helps companies grow significantly in the regional and global markets."

• The bank will provide finances backed by guarantees from "export credit" provided through the "Monimov" platform.

support the economy

Head of Corporate and Institutional Banking Group at Emirates NBD, Ahmed Al Qassim, said that comprehensive financing facilities would greatly support the country's economy, helping companies grow and increasing the industrial sector's contribution to the UAE's GDP.

Follow our latest local and sports news and the latest political and economic developments via Google news