Dubai – Mubasher: Emirates NBD and Crediti Fintech signed a memorandum of understanding (MoU) with Etihad Credit Insurance (ECI) to be part of implementing the UAE Trade Finance Gateway project, state-run news agency WAM reported on Monday.
The public-private partnership (PPP) is expected to position ECI as the main gateway that will enable it, along with banks and exporters, to trade credit and financial solutions through a unified platform.
Under the ECI insurance coverage, businesses will be able to obtain secured loans from Emirates NBD. The credit facilities will also be powered by Crediti Fintech's Monimove platform.
UAE Trade Finance Gateway, a project backed by the UAE Ministry of Economy, addresses the shortage or restricted availability of trade finance solutions for small companies.
Emirates NBD’s Group Head of Corporate and Institutional Banking, Ahmed Al Qassim, said: "A receivables financing marketplace backed by ECI’s strong insurance coverage will help to strengthen the financial supply chain for UAE businesses and further boost the nation's position as a global trade hub."
As the receivables financing marketplace focuses on helping UAE-based enterprises to secure fast and easy access to finance and boost their business, it endorses the UAE’s Operation 300bn industrial strategy, which aims to increase the sector’s contribution to gross domestic product (GDP) from AED 133 billion to AED 300 billion by 2031.
