SINGAPORE: Global invoice marketplace Incomlend has announced details of a major partnership with the CMA CGM Group, a world leader in shipping and logistics. The new 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.
A leading global shipping group present in 160 countries through its network of 755 offices, CMA CGM’s 528 vessels serve more than 420 ports on five continents around the world. CMA CGM is constantly innovating to offer customers new maritime, inland and logistics solutions.
Incomlend is a global alternative lender that provides digital invoice finance services for companies worldwide and offers alternative asset class opportunities to investors. Founded in 2016, Incomlend is one of the first cross-border trade finance platforms globally, with over 2,000 trade deals processed to date and present in over 50 countries globally.
SHIPFIN Trade Finance is a new tailored solution developed exclusively by Incomlend for CMA CGM. Incomlend is powering the technology behind the platform deployed by the CMA CGM Group to its worldwide network of clients. The new partnership will enable CMA CGM to deliver trade finance services to its clients, thereby offering new value-added services.
The new 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 unique risk management framework. In addition to this, SHIPFIN Trade Finance can ensure optimal funding flexibility for its clients, thanks to Incomlend’s unique marketplace funding model and global funding pool capabilities.
Recent figures from Drewry reveal the container shipping industry worldwide generated transport revenues of $166 billion 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.
Speaking about the significance of Incomlend’s SHIPFIN Trade Finance partnership with CMA CGM, Director and Co-founder of Incomlend, Dimitri Kouchnirenko said:
“Through this partnership, a world shipping giant and a fintech platform join forces better to serve the cash flow needs of cross-border trading companies. This deal is a great fit as CMA CGM can perfectly identify cash flow needs among their shipping clients. At the same time, 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.”
Mathieu Friedberg, Senior Vice President, Commercial Agencies Network, CMA CGM Group, said: “By launching SHIPFIN Trade Finance, the CMA CGM Group goes even further in customer relations. We thereby draw on our more than 40 years of experience in international trade to offer innovative, simple and pertinent solutions in support of our clients’ international development. We care beyond shipping.”
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