Dubai, UAE, July 30, 2018
- 14 banks sign up on this unique trade finance e-Marketplace
- Expanding to India, UK, Singapore and GCC soon
UAE’s fintech company TRADEASSETS recently made news by announcing expansion into the Bangladesh market. The first trade finance e-marketplace of its kind for banks has received outstanding response from the world’s most active trade finance country. In just over two months, thirteen Bangladeshi banks have signed on to the trade finance platform with many more in the pipeline. This interest represents the banks’ commitment to leverage a digital, online platform that will connect them to more counterparts on a real-time basis and create opportunities to do more business at better terms.
Bangladesh is a very important growth market for trade finance with a booming economy and billions in cross-border trade. The banks that have already joined TRADEASSETS from Bangladesh are Eastern Bank, Mercantile Bank, Bank Asia, Prime Bank, First Security Islam Bank, Mutual Trust Bank, Dhaka Bank, BRAC Bank, Shahjajal Islami Bank, Social Islami Bank, United Commercial Bank, Dutch Bangla Bank and One Bank.
TRADEASSETS will offer unprecedented opportunities to banks to redefine how primary and secondary deals and pricing is done in the sixteen trillion dollar world of global trade. The digitization of the current manual processes will give banks the ability to mitigate risk, cut costs and increase revenues.
Lakshmanan Sankaran, Founder Chairman and CEO, says: “We are extremely happy with the enthusiastic response from banks in Bangladesh to join our platform and shape the future of this business. Bangladesh’s economy and trade volumes have grown immensely and as per SWIFT, it is the world’s largest issuer of letters of credit. We look forward to many more banks signing up from Bangladesh as well as the Middle East, India and the rest of the world”.
About TRADEASSETS:
TRADEASSETS was founded in 2017 by Lakshmanan Sankaran and Sumit Roy, senior bankers with decades of industry experience in Trade Finance and Institutional banking. They have been joined in Team TRADEASSETS by many more industry veterans based in the Middle East, Asia, Europe and the US. They are represented in the UK and Bangladesh by industry veteran Mrs Dolly Huq. With this unique platform and powerful team, along with the support of media partner GTR, the largest trade finance media group in the world, TRADEASSETS expects to enrol 200 institutions globally in the first two years. Apart from the Bangladeshi banks, they also have a UAE bank as a member and around 70 other banks in the pipeline.
TRADEASSETS is creating a digitial ecosystem that will connect banks globally and provide unique opportunities for the banks to form new partnerships and become more efficient through automation and 24/7 connectivity to transactions. TRADEASSETS will help create a brand new digital global ecosystem. Their long term vision is to create efficiency and transparency, catalyze trade finance activity and help solve the growing menace of financial exclusion in marginalized and difficult markets which need access to international trade finance.
For further details please visit our website www.tradeassets.online or vaishali@stickfigure.ae or call +971559730756