Thursday, February 17, 2022 – 9:18 PM
DUBAI, 17th February / WAM / Al-Ittihad Export Credit Company – the credit protection company of the federal government… has signed a memorandum of understanding with the National Bank of Ras Al-Khaimah “RAK Bank” to facilitate access to finance for small and medium-sized companies through the “Unified Trade Finance Gateway”, a digital platform It helps UAE companies operating in the export and re-export sector to easily obtain financing and grow their business globally.
Through this unified platform, ECI’s trade credit protection solutions will enable companies to obtain secured loans from RAKBANK with the support of Credit Fintech’s Monimov platform.
And the “Unified Trade Finance Gateway” is a platform launched by the Union for Export Credit, which is supported by the Ministry of Economy in the UAE, and is a vivid example of an effective partnership between the public and private sectors. This platform is a receivables finance marketplace that addresses the shortfall or limited availability of trade finance solutions for SMEs by simplifying complex and time-consuming processes.
The Unified Trade Finance Gateway facilitates collaboration between buyers and sellers, the lending bank and ECI in an end-to-end digital process with standardized procedures for collecting receivables from interested parties.
The Export Credit Union Company is working to build a strong network of banks to support this initiative, as the National Bank of Ras Al Khaimah is the third commercial bank to join this initiative after First Abu Dhabi Bank and Emirates NBD, which confirms the strength of the UAE banking system that can meet the main financial needs of all companies.
Massimo Falcioni, CEO of Credit Union Exports, said: “We are pleased to accelerate the access of UAE exporters to the financing needed to grow their business through the unified trade finance portal. Companies should have access to commercial finance, expressing his happiness to cooperate with the National Bank of Ras Al Khaimah and “Credit Fintech” and to move forward in achieving our goal of enhancing the global competitiveness of Emirati companies in line with the state’s vision for the next fifty years.”
For his part, Dheeraj Konwar, General Manager of Business Banking Services at RAKBANK, expressed their happiness to join the unified trade finance portal and initiate a strategic partnership with bodies such as the Export Credit Union and Credit Fintech.. He expressed his confidence that the financing market is supported by strong credit coverage from a credit union. Exports will help Business Banking customers, especially exporters, to benefit from a complete seamless digital process, stressing their commitment at RAKBANK to support the UAE’s vision of achieving a sustainable economy and strengthening the country’s position as a global business hub.
Hashem Al-Hussaini, CEO of “Credit” and co-founder of “Monimov”, said that there are many obstacles that companies face in their pursuit of success in the global market, as they need appropriate trade credit protection solutions, considering that the “Unified Trade Finance Gateway” reflects The ability of the UAE government to foresee the future in supporting the growth of local companies, expressing their happiness with the support of the Export Credit Union Company and the National Bank of Ras Al Khaimah in reducing potential risks that companies may face and encouraging them to achieve growth and prosperity at the global level.
The “Unified Trade Finance Portal” focuses on facilitating the access of UAE exporting companies to finance and enhancing the role of small and medium-sized companies to increase their contribution to the UAE’s industrial strategy, “the 300 billion project”, which aims to consolidate the country’s position to become a leading industrial center by 2031.
Wam/ Aisha Al Suwaidi/ Abdel Nasser Moneim