According to a Splash 247 report, France’s CMA CGM is now offering trade finance to customers following Maersk’s lead.
What is it?
The Marseille-headquartered line recently debuted Shipfin Trade Finance, its new range of financing services dedicated to importing and exporting, in partnership with Incomlend, a global invoice finance platform.
Customized Finance Solution for Customers
Customers can benefit from a set of tailor-made solutions ranging from extended payment terms to financing advances. Two initial products are supply chain financing and cargo financing. They will be available on the CMA CGM, ANL, APL and CNC platforms and initially available to customers based in India, Dubai, Singapore, Hong Kong, Malaysia, Indonesia and the Philippines before gradually being deployed to other countries.
How will it help customers?
With supply chain financing, CMA CGM offers a solution dedicated to importers who wish to free up their working capital while stabilising their supplier relations. Group customers who opt for this solution can extend their payment deadlines up to 120 days as well as optimising payment tracking by finding all their documents in one place
Helps in Maintaining Cash Position
Cargo financing, meanwhile, offers a solution intended for exporters and allows them to maintain their cash position by receiving payment as soon as they load their goods, for up to 90% of the value of the invoice as well as reducing their customer risk thanks to CMA CGM’s credit insurance coverage.
Maersk has been offering trade finance to its customer base for the past year with ambitions to grow this sector of the business in the coming years.
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Source: Splash 247
