CMA CGM has launched a new range of import and export financing products in partnership with global invoice platform company Incomlend.
The Shipfin Trade Finance (STF) portfolio of products is, according to the carrier, “simple, reliable and rapid,” offering importers and exporters tailored financial solutions ranging from extended payment terms to financing advances.
CMA CGM’s strategy is to encourage customers to acquire the services via its various platforms, establishing the French carrier as a single source for trade finance and transport solutions.
“By launching Shipfin, the CMA CGM Group goes even further in the customer relationship,” said Mathieu Friedberg, senior vice president, Commercial Agencies Network, CMA CGM Group. “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.”
STF products are currently available on the CMA CGM, ANL, APL and CNC platforms to customers based in pilot countries India, Dubai, Singapore, Hong Kong, Malaysia, Indonesia and the Philippines.
“The Group is working to make Shipfin Trade Finance available next year in Europe and the U.S.,” the CMA CGM Group told FreightWaves.
The STF range has been launched with two initial products: Supply Chain Financing aimed at importers and Cargo Financing for exporters.
Supply Chain Financing allows importers to free up working capital via extended payment deadlines of up to 120 days and optimized payment tracking, according to CMA CGM.
Cargo Financing frees up capital for exporters 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,” said a statement.
Cargo Financing also optimizes tracking of invoices and customer receivables and reduces risks through the use of CMA CGM’s credit insurance coverage, according to the carrier.
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