| Code: 198535 |

French shipping line CMA CGM has launched Shipfin Trade Finance, its new range of financing services dedicated to importing and exporting, in partnership with invoice finance platform Incomlend.

TINNews |

French shipping line CMA CGM has launched Shipfin Trade Finance, its new range of financing services dedicated to importing and exporting, in partnership with invoice finance platform Incomlend.

Through the initiative, the company said it would support its customers and their development with financing solutions. Shipfin offers importers and exporters “a range of simple, reliable and rapid financial services to consolidate and support their international growth.”

Additionally, the initiative includes a set of tailor-made solutions ranging from extended payment terms to financing advances.

The Shipfin Trade Finance range is based on two initial products dedicated respectively to importing and exporting customers, namely the supply chain financing and cargo financing. These would be available on the CMA CGM, ANL, APL and CNC platforms and initially available in India, Dubai, Singapore, Hong Kong, Malaysia, Indonesia and the Philippines before gradually being deployed to other countries.

Supply chain financing would extend importers’ payment deadlines up to 120 days; strengthen supplier relations by improving cash flow; optimize payment tracking by finding all documents in one place; master compliance risk thanks to the KYC (Know Your Customer) assessment achieved by the suppliers; and simplify processes by interfacing IT systems with the platform (EDI/API).

Additionally, cargo finance would help exporters improve their working capital and ensure the growth of their business, by allowing 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; optimize the tracking of their invoices and customer receivables by finding all their documents in one place; reduce their customer risk thanks to CMA CGM’s credit insurance coverage; simplify their multi currency exchanges (4 currencies available); simplify their invoice collection process; benefit from non-recourse financing and maintain their borrowing power.

“By launching Shipfin, the CMA CGM Group goes even further in the customer relationship. We draw on our more than 40 years’ experience acquired at the heart of international trade to offer innovative, simple and relevant solutions beyond shipping to support our customers’ international development,” Mathieu Friedberg, Senior Vice President – Commercial Agencies Network, CMA CGM Group, said.

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