According to the latest news, DP World, a leading international logistics company and advanced supply chain solutions provider reported an association between CARGOES Finance by DP World and Challenger Management Limited, to help customers get working capital solutions from the international finance fund.
CARGOES Finance by DP World is a fintech platform that brings global importers, exporters, and logistic companies to a single platform that requires getting finance from around the world with financial institutions. CARGOES Finance also delivers lenders access to data on cargo movements, empowering them to finance with peace of mind.
Under the partnership, CARGOES Finance will be delivering digital instruments to Challenger Management to further accelerate paper-heavy processes, KYC (Know Your Customer) and anti-money laundering information on customers, and confidential trade data throughout the supply chain and other risk mitigant highlights on the platform.
Challenger, part of Fasanara Capital group investment house, presently deployed $100 million of capital. The platform delivers a framework to operate a marketplace for bigger financial institutions to purchase into arrangements that have already been funded by the finance, permitting more noteworthy financing options to traders.
With an emphasis on African and South American markets, Challenger facilitates financing permittance to customers in emerging markets, especially in exports.
Mike Bhaskaran, COO of Digital Technology, DP World stated, “In the process of introducing Challenger onto the CARGOES Finance Platform, we will facilitate access to financing options for global traders in underserved corners of the world. It is another initiative towards our agenda of digitizing the trade finance ecosystem and empowering advanced trade solutions across the world.”
Sinan Ozcan, Senior Executive Officer, DP World Financial Services Limited stated, “Cargoes Finance is encouraging digital innovation agenda for inclusive trade and bringing in expert trade finance providers and organizations requiring finance for their imports & exports together on a fintech platform. Our association with Challenger will be helping us fulfill our agenda of improving the credit acceptance rate for SME credit applications and eliminating the finance cost for SMEs, especially in emerging markets like Africa.”
Francesco Filia, CEO of Fasanara Capital, stated, “We are looking forward to appreciating Challenger and their future extension of trade finance niche operations. We were influenced by the improved value proposition to the customers and deal evaluation practices.”
Gary Isbister, CIO of Challenger Management Limited, stated, “We are amazed to be associating with CARGOES Finance by DP World. In combining our financing knowledge & expertise with DP World’s logistical skills. We will improve financing access to the organizations in the region that, for many years, have been overlooked & underserved.”