DP World Trade Finance wants to bridge the trade finance gap
Sinan Ozcan, senior executive officer of DP World Trade Finance – part of the company that handles around one-eighth of global trade volumes – talks to Euromoney about its plans to finance these volumes as well.
During the past half century, DP World has grown from a local port operator in Dubai into a global logistics provider with more than 100,000 employees and operations in 75 countries.
Two years ago, it launched DP World Trade Finance to improve access to working capital for small businesses, who it says receive only 10% of lending from the traditional financial ecosystem, despite accounting for half of all global trade.
“The trade finance gap limits the growth of global trade, which is why DP World launched its trade finance business, creating a platform connecting financial institutions and companies across the globe and developing risk mitigation tools to better control and financially enable trades, in addition to its own lending capability,” explains Sinan Ozcan, senior executive officer of DP World Trade Finance.
The company spent a year and a half developing platform features such as arranging, know your customer (KYC)/compliance onboarding, loan management and risk monitoring, and mitigation flows.