DUBAI, 4th July, 2017 (WAM) -- The Dubai Multi Commodities Centre, DMCC, 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 Tower headquarters.
A member of the KIPCO Group of Kuwait, FIMBank is headquartered in Malta and operates in the Middle East through its branch at the 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 gap hitting developing and emerging economies in Africa and Asia. The DMCC recognises this remarkable potential and has invested in leveraging this opportunity. Over the last five years, DMCC Tradeflow transaction values have grown exponentially with total trade in 2016 alone, reaching a value of USD15.8 billion a value increase of 405 percent compared to 2015. Sanjeev Dutta, ?Executive Director of Commodities at the DMCC, said, "At the 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 the 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 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.Copyright Emirates News Agency (WAM) 2017.
