FRENCH shipping giant CMA CGM says its offering a new range of financing solutions dedicated to importers and exporters in partnership with Singapore-based global invoice finance platform Incomlend.
CMA CGM said in a news release that the platform, named Shipfin Trade Finance, can offer all its customers, importers and exporters a range of simple and rapid financial services to consolidate and support their international growth.
The Shipfin Trade Finance range is based on two initial products: supply chain financing and cargo financing.
With supply chain financing, the solution is dedicated to importers who wish to free up their working capital while stabilising their supplier relations. Some of the benefits include extension of payment deadlines by up to 120 days and optimising payment tracking by finding all documents in one place.
In regards to cargo financing, the solution is intended for exporters who wish to improve their working capital and ensure the growth of their business. Some of the advantages include maintaining cash position by receiving payment as soon as goods are loaded for up to 90 per cent of the value of the invoice, simplifying multi-currency exchanges and invoice collection process, and optimising tracking of all invoices in one place.
Mathieu Friedberg, senior vice president - commercial agencies network, CMA CGM Group, commented: "By launching Shipfin, the CMA CGM Group goes even further in the customer relationship. We draw on more than 40 years of experience acquired at the heart of international trade to offer innovative, simple and relevant solutions beyond shipping to support our customers' international development."