Under the legal guidance of Olivier Schwartz, Chief Legal Officer & General Counsel at DP World, and Karim El Tantawi, Head of Legal at DP World Trade Finance, supply chain solutions tycoon, DP World has formed a strategic partnership with Standard Bank, the largest bank in Africa, to expand trade finance opportunities through DP World Trade Finance. This collaboration aims to address the unmet demand for working capital across the continent, providing African companies with seamless access to financing solutions.
Through the DP World Trade Finance platform, African businesses seeking trade finance can now tap into Standard Bank’s extensive network and resources. By leveraging this fintech platform, customers can conveniently apply for credit digitally and gain access to a wide range of financing options offered by global financiers that were previously out of reach. This initiative aims to bridge the gap and overcome the significant obstacle of limited access to finance for businesses involved in international trade.
The addition of Standard Bank to the DP World Trade Finance platform significantly enhances the portfolio of financing solutions available to African businesses. With the growing need for logistics and financial support to connect with global trade routes, this partnership will facilitate smoother access to vital resources and enable businesses to seize international trade opportunities.
Since its launch in July 2021, DP World Trade Finance has established partnerships with 23 financial institutions, resulting in over USD700 million in credit limit submissions. The platform’s user-friendly registration process takes less than five minutes, attracting over 57,000 global clients seeking affordable access to trade finance. Furthermore, in 2022, DP World Trade Finance expanded its services to directly provide loans to businesses, further empowering companies in their pursuit of growth and success.