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Industry roundup: 2 July

Surecomp launches holistic trade finance management solution

Surecomp, a provider of global trade finance and treasury solutions for corporations and banks, has announced the launch of its Trade Finance-as-a-Service (TFaaS) suite comprising back-office trade finance management and processing, front-office for banks’ corporate clients, open API connectivity and full access to its Marketplace. 

The company says that the subscription-based service is fully scalable and offers a cost-effective and holistic solution that allows parties to digitally apply for, track and manage all their trade finance needs. It enhances collaboration to ultimately facilitate global trade, increase operational efficiencies and drive revenue.

The fully integrated end-to-end cloud-based suite supports the full portfolio of trade finance applications, while adhering to the highest standard of security, service level agreement, cloud technology performance, data segregation, storage and messaging requirement. The platform is SWIFT certified, and the service assures compliance with all future applicable SWIFT changes.

Offered as a flexible SaaS subscription-based model, the solution promotes improved business agility for banks and corporates of all size and need. Reducing cost and reliance on internal IT infrastructures, the complete trade finance suite supports gradual transition to the cloud, frictionless upgrades and access to the wider trade finance ecosystem through the open API gateway and Surecomp’s Marketplace - the fintech partner solutions and services platform.

 

COVID-19 offer renewed by Bellin

Bellin has announced it is extending its offer launched in March to help companies meet the ongoing challenges they face as a result of the COVID-19 pandemic. The offer will be available to new customers between 1 July and 30 September 2020 and includes free access for a period of three months to three modules - cash management, forecasting/planning and financial instruments.

The company's tm5 solution allows users to centralise data and gain company-wide visibility to help steer companies out of the crisis and lay the groundwork for the future. The system can be implemented in as little as 72 hours.

 

IFC and Citi create US$800m facility to boost trade finance in emerging markets

IFC, a member of the World Bank Group, and Citi have established an US$800m facility to facilitate trade finance in emerging markets, supporting trade flows in developing countries and helping businesses cope with the devastation caused by the COVID-19 pandemic.

The transaction, which is part of IFC’s emergency response to COVID-19, will help to support the flow of critical commodities in countries where businesses face financing challenges and the disruption of cash flows due to the global outbreak of the virus.IFC and Citi will share the risk in an US$800m portfolio of trade-related assets on a 50-50 basis.

The signing marks the extension of an existing facility under IFC’s Global Trade Liquidity Program, bringing the size of the facility to US$2bn. Since the facility was created in 2009, it has financed a total trade volume of US$35bn, with around US$3.5bn in IDA countries (International Development Association, the World Bank Group fund for the world’s poorest countries), and US$13bn in low-income and lower middle-income countries. This partnership has facilitated financing for 4,600 trade transactions through 185 banks in 48 emerging market countries.

 

MYbank's five-year plan aims to reach more Chinese SMEs via supply chain finance

MYbank, an online private commercial bank under Ant Group, has announced a five-year plan to reach more small and micro enterprises (SMEs) across China via supply chain finance and rural lending.

The five-year plan details MYbank’s aspirations to work with partners across multiple sectors to better serve SMEs across China. Measures and initiatives MYbank will implement as part of the plan include:

  • Leveraging supply chain finance to support 10 million SMEs who traditionally have been unserved or underserved in the market.
  • Working with 2,000 county and village managers to provide rural lending to SMEs in need.
  • Collaborating with financial institution partners to distribute interest-free vouchers for business loans totaling RMB 300 billion.
  • Serving 40 million female business owners and providing them with more economic opportunities.

According to data from the People’s Bank of China (PBOC), SMEs account for over 90% of business entities in China and contribute to 80% of urban employment and 60% of Chinese GDP. As of June 2020, MYbank and its partners have served 29 million SMEs in China, including street vendors. Their average loan size is RMB 36,000 (approximately USD$5,000) and 80% of them had previously never received business loans from a bank.

Leveraging Ant Group’s blockchain technology, Log56.com, a Chinese logistics platform with 70,000 registered corporate users, has helped 200,000 truck drivers and micro logistics business owners successfully apply for loans from MYbank and its financial institutional partners. Ant’s blockchain technology helped to ensure key logistics information, such as order and execution numbers, are tamper-proof. This also reduced costs related to risk management and helped MYbank’s AI to calculate an accurate line of credit for SME operators on the platform.

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