Global invoice marketplace Incomlend has announced details of a partnership with shipping and logistics giant CMA CGM Group. The deal with Incomlend will enable trade finance services to be delivered to CMA CGM’s clients through the Shipfin Trade Finance platform with factoring for exporters and supply chain finance for importers.
Shipfin Trade Finance is a tailored solution developed by Incomlend for CMA CGM. Incomlend are powering the technology behind the platform, which is deployed by the CMA CGM Group to its worldwide network of clients. The partnership will enable CMA CGM to deliver trade finance services to its clients, thereby offering new value-added services.
The partnership between Incomlend and CMA CGM will enable the shipping group’s clients to digitally register and undergo an automated due diligence process, trade through finance applications, monitor finance activity through dynamic dashboards and manage their cash online. It will also allow CMA CGM to process invoices through Incomlend’s risk management framework. In addition, Incomlend says that Shipfin Trade Finance can ensure optimal funding flexibility for its clients, thanks to its marketplace funding model and global funding pool capabilities.
Recent figures from Drewry reveal the container shipping industry worldwide generated transport revenues of US$166bn globally in 2017, managing the flows of 207 million twenty-foot equivalent units (teu) of ocean containers. This in turn required around 1.26 billion freight invoices to be issued, verified, paid, and reconciled.
"Through this partnership, a world shipping giant and a fintech platform join forces to better serve the cash flow needs of cross-border trading companies," said Dimitri Kouchnirenko, director and co-founder of Incomlend. "This deal is a great fit as CMA CGM can perfectly identify cash flow needs among their shipping clients, while Incomlend is ideally geared to globally provide funding and process international transactions. This partnership will further increase financial inclusion for trading SMEs on a global level.”
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