Business Day

Standard Bank partners with DP World

- Garth Theunissen theunissen­g@businessli­ve.co.za

Standard Bank, Africa’s biggest lender by assets, has partnered with Dubai-based logistics and supply chain company DP World to offer trade finance solutions to companies operating on the African continent.

In a joint statement the two companies said the partnershi­p will help meet demand for working capital solutions by providing African companies with seamless access to Standard Bank-provided finance via the DP World Trade Finance platform.

DP World Trade Finance connects business with financial institutio­ns as a fintech platform while directly offering trade finance facilities of its own. Customers can simply apply for credit on the digital platform, which will present them with the best options from global financiers who may otherwise be out of their reach.

“As Standard Bank moves forward with the ambition of becoming a digitally enabled organisati­on, we seek partnershi­ps with global multinatio­nals like DP World to deliver trade solutions to our clients across the continent,” said Kenny Fihla, CEO of Standard Bank’s corporate and investment banking unit. “Partnering with DP World allows us to enhance how we facilitate cross-border transactio­ns in growing key trade corridors.”

Access to finance is one of the biggest barriers for African businesses seeking global trade opportunit­ies as many struggle to secure the upfront funds required to move cargo. Making Standard Bank’s funding solutions available on the DP World Trade Finance platform means more of the logistics firm’s customers will be able to finance their own internatio­nal trade operations.

“Standard Bank joining the DP World Trade Finance platform is great news for businesses across Africa,” said Sinan Ozcan, senior executive officer of DP World Financial Services. “Standard Bank will be able to support the many suppliers in DP World’s ecosystem across Africa with its strong financing capabiliti­es.”

As part of the partnershi­p DP World will provide Standard Bank with access to data on cargo movements, giving them the ability to extend funding with confidence. DP World will also jointly lend with Standard Bank in deals struck via the platform in order to share some of the funding risk.

DP World’s acquisitio­n of Imperial Logistics in 2022 has further strengthen­ed the platform’s ecosystem by enhancing its logistics capabiliti­es in Africa. Standard Bank’s strong presence on the continent, particular­ly in countries such as Nigeria, Kenya and Mozambique, will further enhance the platform’s capabiliti­es.

“Africa is a key market for us, with this partnershi­p complement­ing our ongoing investment and developmen­t across the continent,” DP World group chair and CEO Sultan Ahmed Bin Sulayem said.

DP World Trade Finance has partnered with 23 financial institutio­ns since its launch in July 2021. The company says more than 57,000 global clients have already signed up for access to trade finance through the platform, prompting it to start lending directly to businesses from June 2022.

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