- DP World announced 29th May of a redefining partnership with Standard Bank, Africa’s largest bank by assets.
- DP World Trade Finance significantly benefits since Standard Bank contains valuable data on Africa’s cargo movement.
- DP World is a global multinational with numerous connections, and the bank sees this as an opportunity.
DP World, a global leader in supply chain solutions, announced a partnership with Standard Bank to offer trade finance solutions. This partnership will act as the bridge between African businesses and the DP World Trade Finance to open new doors of opportunity for the continent.
Furthermore, the partnership will also aid in closing the ever-growing gap for working capital within the continent.
DP World partners gain a foothold in Africa.
Africa is home to the world’s highest entrepreneurship rate. For several decades the content has provided a home base for numerous ventures that have attracted global audiences. In addition, the continent is home to eleven unicorn start-ups, setting the pace for multiple investments within the country.
Despite the potential within African businesses, most need access to the reliable funding they require to gain a stable foothold. Fortunately, it has developed a solution to broaden its market while aiding African businesses.
DP World announced on 29th May of a redefining partnership with Standard Bank, Africa’s largest bank by assets. This partnership will open financial doors for African businesses enabling seamless working capital from Standard Bank via the DP World Trade Finance Platform.
The DP World Trade Finance Platform is an interface that connects businesses with financial institutions as a fintech platform. With the growing rate of Africa’s fintech industry, this partnership has acquired an adequate platform to increase its users while promoting the industry.
Furthermore, it also directly offers trade finance facilities giving African businesses a window to access several trade finance services. African businesses can apply for credit on the digital platform. This presents various options from global financiers otherwise out of reach.
The DP world brought Standard Bank to access their numerous African clientele. In addition, this partnership will also address one of the most significant barriers between African businesses and global trade opportunities. Despite the expanding nature of Africa’s fintech industry, it has a vast network of several platforms. Unfortunately, they are unavailable to the typical entrepreneurs today.
Vision for Africa
Sultan Ahmed bin Sulayem, CEO of DP, stated that the organization has existed for one sole purpose; to interconnect the global trade flow. With Standard Bank as a new partner, it complements its development within the continent. It further opens room for further innovation from both sides.
He said,” Our recent acquisition of Imperial Logistics allowed us to enhance our logistics capabilities in Africa. With the addition of DP World Trade Finance into our offerings, we aim to support African businesses of all sizes. We also intend to expand their working capital needs. Together with Standard Bank, we will help African enterprises to go from strength to strength and grow their exports to new markets.”
DP World Trade Finance also significantly benefits since Standard Bank contains valuable data on Africa’s cargo movement. This provides a reference source for their leading services. Fortunately, this venture also plays an integral role in Africa’s largest bank.
Both entities can co-lend and share risks when dealing with the platform. In addition, Standard Bank also gains the opportunity of facilitating and supporting the various suppliers within the DP World Trade Finance Platform as they set up a base within the continent.
Sinan Ozcan, Senior Executive Officer of DP World Financial Services, said, “This ecosystem has been strengthened by the acquisition of Imperial Logistics in 2022. Standard Bank’s strong presence across countries like Nigeria, Kenya and Mozambique will see this partnership develop further in the African market.”
Standard Bank has also stated its enthusiasm for the current partnership. One of the core aims of the African Bank is to establish a conducive environment for African businesses to thrive. DP World is a global multinational with numerous connections, and the bank sees this as an opportunity.
It offers new services to the continent. Kenny Fihla, CEO of Standard Bank, stated, “Partnering with DP World allows us to enhance how we facilitate cross-border transactions in growing key trade corridors.”
Furthermore, their MENA branch also showcased a significant relief over the partnership. Dr. Rassem Zok, CEO of the MENA Standard Bank branch, claimed that the partnership opens doors to share values, vision and skills across the continent. He added, “As Africa’s largest bank, this demonstrates our commitment to transitioning financial services to platform-based ecosystems and improving client experiences.”
As Africa enters a new digital age, more organizations seek new and innovative ways to improve their market. The COVID pandemic ushered in a new era of business. During the same period, organizations such as the DP World Trade Finance grew exponentially as more organizations worldwide sought a new and innovative way of acquiring various financial services.
Since July 2021, at the height of the pandemic, DP World took to the fintech industry o expand its network. The organization partnered with 23 financial institutions and generated over $700 million in credit limit submissions. Its digital platform offers over 57000 global clients that are now accessible to African businesses.