PrimaDollar launches supply chain trade finance in India allowing large importers to take control over how international suppliers are funded and paid.
Mumbai December 17, 2020: Following its successful launch in the UK, PrimaDollar is bringing its market-leading “supply chain trade finance” platform to India. Supply chain trade finance is a different way for large corporates to manage how international suppliers are funded and paid. Replacing LCs and other bank trade finance instruments, it delivers immediate cost savings, reduces street prices for goods, and improves India’s international competitiveness. With the top 100 Indian importers bringing in over US$30bn in goods every year, PrimaDollar is targeting savings for this sector of at least US$50mio.
Fully aligned with the “Make in India” program, PrimaDollar’s platform can help Indian companies to compete both locally and internationally by reducing the input cost of materials and components required in the development and manufacture of goods for sale.
Supply chain trade finance brings immediate savings for importers without an upfront IT project. The platform enables the corporate importer to take control over how his international suppliers are funded and paid. After its successful launch in the UK and European markets, PrimaDollar has adjusted the platform to fit with Indian regulations, the customs, practices and norms of the Indian banks, and the Indian foreign exchange control regime. This process has been supported by the leading Indian and international corporate law firm.
The supply chain trade finance platform connects importers, exporters, local banks, logistics providers, and funders together. The entire international supply chain is then being managed, funded and controlled by the importer through one process, irrespective of how the goods are being moved and where they are coming from. This allows whole import supply chain to move onto standard open account terms, whilst Indian banks or international partners provide funding to ensure that exporters are paid at shipment whilst importers pay later.
Commenting on the same, Swati Babel, CEO PrimaDollar India, said, “It has been a lot of work to adjust our successful supply chain trade finance platform to fit with Indian market requirements. But now this has been done, with the excellent support of the leading corporate law firm, Indian companies and their Indian relationship lenders can now take advantage of this leading trade finance technology.”
PrimaDollar is a UK-headquartered fintech providing trade finance on a global basis with clients now in more than 40 countries. PrimaDollar launched in India in September 2019 and has 5 offices and more staff in India than any other country – supporting larger Indian importers and exporters with supply chain trade finance across its digital platform.
We are engineers who are building a future where trade finance is not complicated. Exporters ship, get paid. Importers pay later. The world is getting smaller. Technology takes down the barriers that even 20
years ago would have made our products impossible to imagine. With real-time communication, global underwriting, deep capital markets finance and a leading-edge technology platform – we connect importers and exporters directly and simply to the working capital that they need. Our trade finance products are already offered by companies that move more than US$1 trillion in goods each year across 1000s of shipping routes.
Source: Business World