UAE’s Trade Finance Gateway to simplify credit access to SMEs

UAE Trade Finance
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Etihad Credit Insurance (ECI), the UAE Federal export credit organization, marked an MoU with First Abu Dhabi Bank (FAB) and Crediti Fintech to execute the ‘UAE Trade Finance Gateway’. 

The ‘Trade Finance Gateway’ platform target facilitated the access of UAE exporters and re-exporters for financing. Just as support the development of SMEs, Hence empowering them to contribute to the UAE’s industrial technique ‘operation 300bn’.

It was upheld by the UAE Ministry of Economy to act as an illustration of the Public-Private Partnership approach., which is good as this project looks to position ECI as the primary gateway of exporters and re-exporters to exchange credit and financial solutions. As a result, financing will be given by commercial banks and financial institutions, whereby the Monimove fintech platform is the technology backbone.

According to Massimo Falcioni, CEO of Etihad Credit Insurance,

“The project will tackle challenges faced by exporters and re-exporters in obtaining finance to fund their working capital requirements. Such as restricted availability of finance to smaller enterprises, cumbersome and confusing process to obtain finance. The inability of customers to understand the solutions, lack of infrastructure to execute digitalized documentation, and time-consuming and lengthy process.”

Through this association, exporters and re-exporters will profit from consistent and quick access to financing solutions. It unites the insurer, banks, and exporters in one unified platform. ECI insurance cover will empower trading SMEs to acquire a collateralized loan from FAB utilizing the advanced innovation of the MoniMove platform. 

SMEs will profit from an end-to-end digitized process empowering smooth joint effort between all parties and accelerating access to financing items.

“Through this innovative partnership with ECI and Crediti Fintech. We will be able to extend our expertise to an expanding range of UAE businesses. Offering vital support to exporters of all sizes,” said Shireesh Bhide, Head of Corporate, Commercial, and International Banking at FAB.

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