Emirates NBD joins UAE Trade Finance Gateway project

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Etihad Credit Insurance (ECI), the federal export credit company of the United Arab Emirates, signed a memorandum of understanding with Emirates NBD, Dubai’s largest bank, and Crediti Fintech, for the implementation of ” UAE Trade Finance Gateway ”.

The innovative Debt Finance Marketplace is designed to help UAE-based companies gain quick and easy access to finance and boost their businesses, while supporting the UAE’s ‘Operation 300 Billion’ industry strategy that aims increase the sector’s contribution to GDP by AED133 billion ($ 36.21). billion) to AED300 billion by 2031.

The public-private partnership will position ECI as the primary gateway for ECI, banks and exporters to exchange credit and financial solutions on a unified platform. ECI insurance coverage will allow businesses to obtain secured loans from Emirates NBD, powered by Crediti Fintech’s Monimove platform.

In addition to Emirates NBD, ECI is also working with other UAE banks 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 limited availability of trade finance solutions for small businesses, while simplifying cumbersome, confusing and time-consuming processes.

Commenting on the agreement, Massimo Falcioni, CEO of Etihad Credit Insurance, said: “Launched as part of the United Arab Emirates Golden Jubilee, the United Arab Emirates trade finance portal addresses a number of challenges facing the United Arab Emirates. face exporters and re-exporters to obtain financing to finance their work. capital requirements. In collaboration with the country’s leading banks and financial institutions, it will help SMEs through a wide range of financial and technological solutions to establish a strong SME sector and a resilient economy. We are delighted to partner with Emirates NBD to further stimulate the economic development of UAE. “

Meanwhile, Ahmed Al Qassim, Group Head, Corporate and Institutional Banking at Emirates NBD, said: “A debt financing market supported by ECI’s strong insurance coverage will help strengthen the financial supply chain. for UAE businesses and further strengthen the country’s position as a trade hub. A strong financial supply chain network not only helps small businesses obtain faster financing at competitive rates, but it also benefits large businesses by meeting consumer demand and supporting sustainable business growth. These robust and inclusive financing facilities will greatly benefit our economy, helping businesses grow and increasing the industrial sector’s contribution to UAE GDP. As a digital forerunner in the region’s banking industry, Emirates NBD remains committed to creating innovative solutions that fuel economic growth in close alignment with UAE government strategies.

Hashim Al Hussaini, CEO of Crediti and Co-Founder of MoniMove, said: “Exporters and re-exporters, especially those belonging to the SME sectors, face several obstacles in international trade. With the “’We are pleased and honored to forge this alliance with ECI and Emirates NBD to make a vital contribution to this groundbreaking initiative which is deemed to play a crucial role in the country’s economic vision for the next 50 years.

In addition, Dr Hamad Al Ali, CEO of RSP and Member of the Board of Directors of Crediti, said: “Through this partnership with ECI and Emirates NBD, we are confident that we will contribute to the growth of our economy based on innovation by stimulating the global competitiveness of our companies. . ”- TradeArabia News Service


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