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- Through this one unified platform, the federal government’s trade credit insurance coverage will enable UAE businesses to obtain secured loans from RAKBANK, powered by Crediti Fintech's platform Monimove
- UAE Trade Finance Gateway to address the shortage or restricted availability of trade finance solutions for small and medium enterprises, by simplifying complex, confusing and time-consuming processes
Dubai, UAE: Etihad Credit Insurance (ECI), the UAE Federal export credit agency, has teamed up with RAKBANK to boost SME financing through collaboration under the UAE Trade Finance Gateway, a digitised platform that helps exporters and re-exporters based in the country to obtain finance easily and expand their businesses internationally.
Through this one unified platform, the federal government’s trade credit insurance coverage will enable businesses to obtain secured loans from RAKBANK, powered by Crediti Fintech's platform, Monimove.
Led by ECI and backed by the UAE Ministry of Economy, as an example of an effective Public-Private Partnership, the UAE Trade Finance Gateway is a receivables financing marketplace that addresses the shortage or restricted availability of trade finance solutions for small and medium enterprises, by simplifying the complex, confusing and time-consuming processes.
The UAE Trade Finance Gateway facilitates the smooth collaboration between buyers, sellers, the lending bank and ECI in an end-to-end digitised process with standardised processes for counterparties to monetise their receivables.
ECI has been developing a strong network of banks to support this initiative. RAKBANK is the third commercial bank to join this initiative, underscoring the strength of the UAE banking system that can address the key financial needs of businesses.
Earlier, ECI had entered into an agreement with First Abu Dhabi Bank and Emirates NBD regarding this project.
Massimo Falcioni, CEO of Etihad Credit Insurance, said: “ECI is delighted to accelerate UAE exporters’ access to finance through the UAE Trade Finance Gateway. This unique platform, developed to reinforce the country’s non‐oil export sector, brings together all the stakeholders in a unified platform making it easier for businesses to gain access to trade finance. We’re pleased to join hands with RAKBANK and Crediti Fintech as part of our goal to enhance the global competitiveness of the UAE business community in line with the country’s vision for the next 50 years.”
Meanwhile, Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK said:
“We are delighted to be part of the UAE Trade Finance Gateway and embarking on a Strategic Partnership with entities such as ECI and Crediti Fintech. We are confident that a financing marketplace backed by ECI’s strong insurance coverage will help RAKBANK Business Banking customers; especially exporters, benefit from a seamless end-to-end digitized process. At RAKBANK, we are committed to supporting the UAE’s vision for a sustainable economy to boost the nation’s position as a global business hub”.
Hashim Al Hussaini, Crediti CEO & Monimove Co-Founder, stated: “There are several hurdles that businesses encounter in their quest to succeed in the global marketplace. They need to be protected with adequate trade credit insurance, and the UAE Trade Finance Gateway is a testament to the UAE government’s foresightedness to achieve this. It’s a privilege to support Etihad Credit Insurance and RAKBANK in mitigating the potential risks and encouraging local businesses to engage and thrive in global trading.”
The UAE Trade Finance Gateway focuses on easing the access of UAE exporters and re-exporters to financing, as well as strengthening SMEs to increase their contribution to the UAE’s industrial strategy ‘Operation 300bn’, which aims to position the country as a leading global industrial hub by 2031.
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About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by the UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE's non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
The UAE Federal export credit company is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses as well as support the exporters in the domestic trade through a range of export credit, financing and investment insurance products. Since 2020, in response to the country’s economic needs, it started providing credit insurance support to domestic non-oil trade and project financing guarantees too.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
ECI has also been assigned for the third consecutive year this 2021 with an Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook according to Fitch Ratings.
For media enquiries, please contact:
Abeer Al Mutawa
Director of Marketing & Communications
Etihad Credit Insurance
abeer.almutawa@eci.gov.ae
Vince Ang
New Perspective Media Group
Email: vince@newperspectivemedia.com
About RAKBANK
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 27 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
For media enquiries, please contact:
RAKBANK
Fatima Kloub
Fatima.kloub@rakbank.ae
About Crediti Fintech
Founded in 2019, Crediti is a DIFC fintech company and the owner of MoniMove platform in the UAE. The platform is operated by Protiviti, it was built in conjunction with Deloitte, using the advanced OutSystems Technology and it utilizes Blockchain technology to support SMEs and National economies by providing End to End visibility, governance, and complete ecosystem transparency to full supply chain management. For more information, please contact info@monimove.com
© Press Release 2022
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