Major South African bank Standard Bank has collaborated with DP World to provide trade finance solutions through DP World Trade Finance.
This partnership is expected to help in closing the gap in unmet demand for working capital on the continent, as African businesses seeking trade financing will now be able to receive working capital from Standard Bank through the DP World Trade Finance platform.
As a fintech platform, DP World Trade Finance links businesses with financial institutions while also directly delivering trade financing capabilities.
According to DP World’s statement, access to finance is one of the biggest barriers for businesses seeking global trade opportunities, evidenced by the struggle that many businesses face in securing the upfront funds required to move cargo.
With the addition of Standard Bank to the platform, DP World Trade Finance now provides a broader range of financing options to African firms, which face an increasing demand for logistical and financial assistance to connect to global trade channels.
