DP World will promote trade finance in the Dubai International Financial Center to promote the development of SMEs – Dubai Blog

As part of DP World’s strategy to become a global trade promoter, DP World Financial Services Limited, a subsidiary of DP World, will begin to provide trade financing facilities for small companies. DP World Financial Services Limited has been licensed by the Dubai Financial Services Authority to operate as an authorized company of the Dubai International Financial Centre (DIFC). The newly licensed company will connect companies that need trade finance solutions with financial institutions on DP World’s CARGOES Finance platform*.

Small and medium-sized enterprises constitute the main body of economies around the world, including Dubai. But it is difficult for them to obtain the funds they need because of limited data on their transaction history. In addition, the manual, paper-based processes used to transport goods around the world mean limited visibility of where the goods are transported, which makes it difficult for financial institutions to finance transportation.

DP World’s CARGOES financial platform aims to provide real-time trade data through its digital global port and logistics network, providing financial institutions with the information needed to accurately assess credit and compliance risks.

Sultan Ahmed Bin Sulayem, CEO and Chairman of DP World said: “DP World’s goal is to promote global trade, including through digital innovation. Access to trade finance is vital to the survival and survival of exporters, importers and logistics companies that are driving forces of the global economy. Development is crucial. The CARGOES Finance platform provides financial institutions with opportunities to lend with confidence, and helps smaller companies obtain the funds they need. It will become the main generator of financial institutions and a source of new business, as well as traders’ A window of financing opportunities.”

Mike Bhaskaran, Chief Operating Officer of DP World, said: “We are very pleased to work with DIFC to help companies better obtain trade financing. This project is an important part of DP World’s strategy to become a global trade promoter, create opportunities and prosper. Together with DIFC , Our goal is to make Dubai an important hub for world trade.”

Arif Amiri, Chief Executive Officer of the DIFC Authority, said: “DIFC has more than 3,200 companies and we are very pleased that DP World has joined them and recognizes that the center has the opportunity to help them diversify their businesses. DIFC and DP World are helping to reaffirm Dubai’s role as a The region is the most business-friendly destination, shaping the future of finance, and its reputation as a global trading center. Operations from DIFC will allow DP World to reach many financial services companies in our ecosystem, which provide services to promote global trade in Dubai Solutions. These companies will be able to integrate with the CARGOES platform, which provides an innovative approach focused on supporting small and medium-sized enterprises that play an important role in our economy.”

CARGOES Finance will be launched first in Dubai and can be accessed through the CARGOES platform https://cargoes.com/finance