It is not only banks that are providing trade finance!
CMA CGM recently announced the pilot-phase launch of its SHIPFIN Trade Finance service, an all-digital platform that offers a variety of payments, invoicing and financing services to importers and exporters.
Through SHIPFIN, importers will have access to supply chain financing, which includes extended payment deadlines of up to 120 days and digital payment tracking. Under cargo financing, exporters will have the option to accept upfront cash payments (up to 90% of the invoice value) after loading their goods and simplified currency exchanges, among other services.
SHIPFIN is currently available in seven pilot market : Dubai, India, Singapore, Malaysia, Indonesia, Hong Kong and the Philippines. CMA CGM said it will roll out the service to other countries going forward.