DP World Financial Services Limited, a DP World company, will begin facilitating access to trade finance for smaller firms as part of DP World’s aim to become a global trade enabler.
According to a company statement, the Dubai Financial Services Authority has granted DP World Financial Services Limited a license to operate as an authorized firm in the Dubai International Financial Centre (DIFC).
The newly licensed firm will connect firms in need of trade finance solutions with financial institutions on its DP World’s Cargoes Finance platform, the company added.
DP World’s Cargoes Finance Platform aims to provide financial institutions with real-time data on commerce flowing through its digitalized global ports and logistics network, allowing them to correctly assess credit and compliance risks.
Mr. Mike Bhaskaran, Chief Operating Officer, DP World said, “We are excited to work with DIFC to help enterprises get improved access to trade finance. This project is an important part of DP World’s strategy to be a global trade enabler, creating opportunity and prosperity. Together with DIFC, we aim to make Dubai an ever more significant hub for the world’s trade.”
“DP World’s objective is to enable global trade, including through digital innovation. Access to trade finance is critical to the survival and growth of exporters, importers, and logistics companies which are the drivers of the global economy. The Cargoes Finance platform provides financial institutions the opportunity to lend with confidence and helps smaller companies to access the capital they need. It will be a lead generator and source of new business for financial institutions, and a window of financing opportunities for traders.”
“DIFC and DP World are helping reaffirm Dubai’s reputation for being the region’s most business-friendly destination, shaping the future of finance and as a global hub for trade. Operating from DIFC will give DP World access to the many financial services companies in our ecosystem that provide solutions that facilitate global trade through Dubai. Those firms will be able to integrate with the Cargoes platform which provides an innovative approach focused on giving support to small and medium businesses who play an important role in our economy,” commented Mr. Arif Amiri, Chief Executive Officer of DIFC Authority.