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ECI has signed a memorandum of understanding with Emirates NBD and Credit Fintech to support the “Unified Trade Finance Gateway” project, a platform designed to facilitate access of Emirati companies to the financing needed to grow their businesses, and support the UAE’s industrial strategy “Project 300 billion.”
Under the agreement, Emirates NBD will provide trade finance to Emirati companies, backed by guarantees from ECI, provided through CreditFintech’s Monimov platform. In addition to Emirates NBD, ECI is also collaborating with other local banks to benefit from a comprehensive digital process with standardized mechanisms that help UAE companies protect their trade receivables.
the gate
With the support of the Ministry of Economy, the project aims to facilitate access to finance for small and medium-sized businesses, by simplifying cumbersome, confusing and time-consuming processes. Massimo Falcioni, CEO of ECI, said: The unified trade finance portal was launched to coincide with the golden jubilee of the UAE, as it was designed to find solutions to a number of challenges facing UAE companies operating in the export and re-export sector to access financing and credit protection solutions.
In cooperation with the leading banks and financial institutions in the country, this portal will help small and medium-sized companies through a wide range of innovative financial solutions to reach a strong and resilient economy. We are pleased to cooperate with Emirates NBD to promote sustainable economic development in the country.
growth
Ahmed Al Qassim, Head of Corporate and Institutional Banking Group at Emirates NBD, said: “These comprehensive financing facilities will greatly support our economy, helping companies to grow and increasing the contribution of the industrial sector to the GDP. Given its prominent role in the digital and banking sectors in the region, Emirates NBD is constantly working on finding innovative solutions that enhance economic growth in line with the strategies of the UAE government.
vital contribution
Hashem Al-Hussaini, CEO of Credit and co-founder of Monimov, said: “Through the Unified Trade Finance Portal, an exceptional platform helps companies grow significantly in the regional and global markets. We are pleased to work closely with ECI and Emirates NBD to make a vital contribution to the initiative, which plays an important role in achieving the country’s economic vision for the next fifty years.”
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