DMCC, the authority on trade, enterprise and commodities in Dubai, welcomed FIMBank, a global provider of trade finance, factoring and forfaiting solutions, to its DMCC Tradeflow platform by signing a membership agreement at its Almas Towers headquarters. Fimbank is a member of KIPCO Group of Kuwait and headquartered in Malta and operated in Middle East through its branch at Dubai International Financial Centre.
A specialised, interactive ownership registry, with over 180 members, DMCC Tradeflow facilitates efficient, transparent transactions by providing a fully secure online platform for registering possession and ownership of commodities stored in UAE based facilities. The innovative platform enables banks, financiers and suppliers to manage and mitigate potential risks across the commodity value chain through an enforceable and transparent legal framework.
Recent studies indicate a US$1.6 trillion deficit in trade finance globally, with the biggest gaps hitting developing and emerging economies in Africa and Asia. DMCC recognises this remarkable potential and has invested to leverage this opportunity. Over the last five years, DMCC Tradeflow transaction values have grown exponentially with total trades in 2016 alone reaching a value of USD 15.8 b. In 2016, DMCC Tradeflow recorded a total value of USD 15.8b, a value increase of 405 percent compared to 2015.
Sanjeev Dutta, Executive Director, Commodities at DMCC said: “At DMCC we believe in strong strategic partnerships with industry leaders such as FIMBank as together we deliver enhanced products and services for the benefit of all industry participants. We are proud to welcome FIMBank to our DMCC Tradeflow platform which offers a robust regulatory framework, the highest level of security, and an active trading base for title transfer or pledging of stored commodities. All key ingredients needed to fuel a dynamic marketplace where people can trade with confidence in Dubai and beyond.”
Howard Gaunt, Group Chief Operating Officer at FIMBank commented: “We are pleased to mark our collaboration with DMCC by signing this agreement as well as becoming a member of the DMCC Tradeflow community which will enable us to further enhance efficiencies and reach untapped markets”.
In attendance at the signing ceremony held in DMCC offices Almas Towers were Sanjeev Dutta, Executive Director, Commodities at DMCC and Nilanjan Ray, CEO DIFC Branch, FIMBank.
Listed on the Malta Stock Exchange and with a global presence in key trading markets, including India and United Kingdom, FIMBank develops innovative financial techniques, placing emerging markets at its forefront. In 2016, FIMBank was the recipient of multiple international awards including ‘Best Factoring Institution’ by TFR Excellence Trade Awards and ‘Best Factoring House’ by Global Trade Review (GTR) for the second consecutive year.