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Maersk Trade Finance crosses 100th customer milestone in India

  • By: Administrator
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  • Category: Exim News
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  • Date: 20 Dec 2017

• Trade Finance services piloted in India in 2016 and then extended to Singapore, the Netherlands, Spain, the US and the UAE

•  Export financing solutions offered to Maersk Line customers in foreign currency linked to LIBOR, based on financial health of the customer

•  Financing amount provided in India till date more than $80 million

MUMBAI: Maersk Trade Finance, part of Denmark-based A.P. Moller – Maersk and operating out of Denmark, is changing the way its customers in India and around the world fund their shipments to international markets. Started in 2016, Maersk Trade Finance, which offers export finance solutions to its customers is looking to bridge gaps related to capital access enabling its customers to take India-made products to global markets.

In just over a year, Maersk Trade Finance has on-boarded 100 customers across diverse sectors in the Country and is looking to finance another $200 million to India-based businesses over the next 12 months. Offered through a digital platform, the Maersk Trade Finance service is available to Maersk Line shipping customers. This offers a one-stop shop for our customers to manage the flow of goods and the flow of money. This means that our customers can avail funds that can be used either to pay for shipments or to invest in new orders, but can also avail cargo shipping services from Maersk Line, the World's largest container shipping company. The service is yet another initiative by Maersk to help facilitate its customers’ simplification efforts, enable global commerce and speed up and simplify access to capital while removing the paper trail from traditional financing options.

“Access to trade finance is one of the biggest impediments in global trade”, says Vipul Sardana, Global Head Trade Finance, Maersk.

“In its current form, Trade Finance is a complex, cumbersome and paper intensive. Having noticed this industry gap through Maersk’s existing relationships, Maersk decided to take the initiative and start a service that offers our customers easy access to funding in foreign currency, linked to LIBOR at competitive rates. When we analyze the traction, this service has received since last year, we feel satisfied knowing that we are able to make a meaningful difference to our customers and help them take their businesses to newer shores. With this success firmly under our belt, we are confident about the future potential of trade finance in India and are ramping up across geographies to meet the growing need for similar financial support.”

Source: dailyshippingtimes.com