Standard Bank, the largest bank in Africa by assets, has partnered with DP World, a global leader in supply chain solutions, to offer trade finance solutions jointly with DP World Trade Finance. This partnership will help in closing the gap in unmet demand for working capital on the continent.
African companies looking for trade finance can now seamlessly access working capital from Standard Bank via the DP World Trade Finance platform.
DP World Trade Finance connects businesses with financial institutions as a fintech platform, directly offering trade finance facilities. It provides businesses with a single window to access trade finance solutions – customers can simply apply for credit on the digital platform, presenting them with the best options from global financiers who may otherwise be out of their reach. Access to finance is one of the most significant barriers for businesses seeking international trade opportunities, evidenced by the struggle many companies face to secure the upfront funds required to move cargo.
By bringing Standard Bank onto the platform, DP World Trade Finance offers financing solutions to African businesses, which face an ever-growing need for logistics and financial support to connect to global trade routes.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said, “DP World exists to improve the world’s trade flow, and this partnership with Standard Bank is a testament to that goal. Africa is a key market for us, with this partnership complementing our ongoing investment and development across the continent. Our recent acquisition of Imperial Logistics enhanced our logistics capabilities in Africa. With the addition of DP World Trade Finance into our offerings, we aim to support African businesses of all sizes for their working capital needs. Together with Standard Bank, we will help African businesses go from strength to strength and grow their exports to new markets.”
Sinan Ozcan, Senior Executive Officer of DP World Financial Services, added, “Standard Bank joining the DP World Trade Finance platform is excellent news for businesses across Africa. DP World offers Standard Bank access to data on cargo movements, enabling them to lend confidently. We, in turn, plan to co-lend and share risk with Standard Bank on deals made via the platform, whilst Standard Bank will be able to support the many suppliers in DP World’s ecosystem across Africa with its strong financing capabilities. This ecosystem has been strengthened by the acquisition of Imperial Logistics by DP World in 2022. Standard Bank’s strong presence across countries like Nigeria, Kenya and Mozambique will see this partnership develop further in the African market.”
Dr Rassem Zok, Chief Executive Officer, Middle East and North Africa at Standard Bank, commented, “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. As Africa’s largest bank, this demonstrates our commitment to the transition of financial services to platform-based ecosystems and improving client experiences.”
Since its launch in July 2021, DP World Trade Finance has partnered with 23 financial institutions and generated over $700 million in credit limit submissions. The registration process takes less than five minutes, and over 57,000 global clients have already signed up for affordable access to trade finance through the platform. DP World Trade Finance also started directly lending to businesses in 2022.