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    DP World and Standard Bank to expand trade finance solutions in Africa

    May 30, 20233 Mins Read
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    DP World and Standard Bank will collaborate to close the working capital gap for African businesses.

    DP World, a global supply chain solutions leader, has joined forces with Standard Bank, the largest bank in Africa by assets, to offer trade finance solutions through DP World Trade Finance. This partnership aims to address the unmet demand for working capital in Africa, providing access to financing for African companies through the financing platform.

    DP World Trade Finance: Connecting businesses with financial institutions

    DP World Trade Finance, a fintech platform, acts as a bridge between businesses and financial institutions. In addition to offering its own trade finance facilities, the platform connects customers with global financiers who may have been out of reach otherwise. By applying for credit through the digital platform, businesses gain access to a wide range of trade finance solutions, simplifying the process of securing the necessary funds for international trade.

    Overcoming the barrier of limited access to finance

    Access to finance remains a significant barrier for businesses seeking global trade opportunities. Many companies struggle to secure upfront funds required for cargo movement. By incorporating Standard Bank into the platform, DP World Trade Finance is expanding its financing solutions for African businesses. The partnership recognizes the growing need for logistics and financial support among African businesses if they are to connect with global trade routes effectively.

    Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, emphasized the company’s commitment to improving global trade flow, “DP World exists to make the world’s trade flow better, and this partnership with Standard Bank is testament to that goal. Africa is a key market for us, with this partnership complementing our ongoing investment and development across the continent,” he said.

    A win-win collaboration for African businesses

    Sinan Ozcan, Senior Executive Officer of DP World Financial Services, expressed enthusiasm about the partnership, saying, “Standard Bank joining the DP World Trade Finance platform is great news for businesses across Africa. We offer Standard Bank access to data on cargo movements, enabling them to lend with confidence.” The collaboration allows for co-lending and risk-sharing on deals made via the platform, empowering Standard Bank to support suppliers in DP World’s ecosystem across Africa with its strong financing capabilities.

    Kenny Fihla, Chief Executive Officer, Corporate and Investment Banking at Standard Bank, highlighted the importance of digital partnerships, said, “As Standard Bank moves forward with the ambition of becoming a digitally enabled organization, we seek partnerships with global multinationals like DP World to deliver trade solutions to our clients across the continent.”

    Dr. Rassem Zok, Chief Executive Officer, Middle East and North Africa at Standard Bank, emphasized the strategic vision behind the partnership, saying, “This partnership reflects our strategic vision of driving Africa’s growth. Platform businesses require strong partnerships at various levels of the value chain. The value derived from our shared knowledge, capability and skills will create unique opportunities to deliver financial services and trade solutions to our clients.”

    Since its launch in July 2021, DP World Trade Finance has partnered with 23 financial institutions, generating over USD 700 million in credit limit submissions. The platform’s user-friendly registration process takes less than five minutes, and more than 57,000 clients worldwide have already signed up for affordable access to trade finance. The platform has been directly lending to businesses since 2022 and the group has been expanding its logistics and trade offerings across Africa.

    DP World logistics Standard Bank trade trade finance
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