The supply chain solutions firm DP World has launched CARGOES Finance, a financing solution and FinTech platform designed for small to medium-sized businesses (SMBs).
“CARGOES Finance is a new platform providing exporters, importers and logistics companies with access to financing solutions to support them in driving global expansion seamlessly,” the Dubai-based company said in a news release on Wednesday (Oct. 13).
CARGOES’ solutions include trade financing and extended payment terms for international cargo movement, logistics financing for domestic logistics movements, as well as receivables and payables financing and invoice factoring/discounting. Businesses also have the option to engage in inventory finance, in which they would use their inventory as collateral to finance their operations.
“Growing businesses can often lack the capital and resources required to drive global expansion, often exacerbated by prohibitive financial requirements and copious documentation,” said Mike Bhaskaran, chief operating officer, logistics and technology, DP World. “We designed CARGOES Finance to mitigate these constraints, unlocking new opportunities for SMEs to compete and reach a global market.”
Sinan Ozcan, senior executive officer, DP World Finance Services, said that CARGOES has already allowed a number of companies to reach international customers that would have been out of their price range before.
“Globally, small to medium-sized businesses handle 50% of trade, yet only a few have access to funding with little chance of it being approved,” he said in the news release. “CARGOES Finance is leveling the playing field, providing an affordable and reliable alternative that’s expanding global trade.”
Read more: BNY Mellon Introduces Blockchain Tech to International Trade Finance
The announcement comes a little more than a week after the investment banker BNY Mellon, through its participation in the Marco Polo Network, has become part of a group working to introduce blockchain technology into international trade finance.
Through its partnership with the Ireland-based universal digital trade and payment solutions provider, BNY Mellon says it can more easily insert liquidity into the international supply chain and provide discounted financing to suppliers shipping goods and services internationally.
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