Star tech: tradewind finance bridges funding gap for smes in the (Chennai)

Star tech: tradewind finance bridges funding gap for smes in the

Star Tech: Tradewind Finance bridges funding gap for SMEs in the MENA region Tradewind Finance, which set up its base in Dubai in May 2015, is concentrating on developing customised finance solutions for small and medium enterprises (SMEs) in the Middle East and North Africa (MENA) region. The start-up holds a Category-2 licence from the Dubai Financial Services Authority (DFSA) that allows it to extend credit and provide advice on financial solutions. Peter Maerevoet, who is based in Dubai, is the global chief financial officer (CFO) and the regional chief executive officer (CEO) for Asia at Tradewind Finance ? an international factoring and supply chain finance company that has offices in 20 countries. Earlier, Maerevoet had worked for Procter & Gamble in Belgium and the Netherlands where he held various finance functions and joined Tradewind Finance in 2016. He weighed in on the finance industry?s outlook. ?The finance industry by and large is very competitive. There are a number of industry players offering similar services in each segment. While Tradewind Finance is up against regional and international market competition when it comes to delivering factoring services, we distinguish ourselves from other similar industry players by offering factoring services for both domestic and foreign enterprises, as opposed to other businesses that only offer this service for domestic operations. Our added advantages of cross-border finance, collections, and credit protection offer clients a complete package for their demands in international trade, ? he said. The start-up provides trade finance, which includes products like supply chain financing and export factoring. It also provides credit protection and services for collections that help firms to engage in international trade. Tradewind Finance began operations in Germany in 2000, where it also has its headquarters. Maerevoet explained how the start-up helps SMEs in the region. ?Since banks provide 5 per cent of the credit to SMEs, Tradewind Finance, an alternative non-banking financing source, fills the lack of funding gap in the region. Usually, banks enforce strict requirements such as heavy collaterals and extremely time-consuming documents that prospects must meet to be eligible for a timely loan. For SMEs, Tradewind relieves this pressure. It evaluates the buyer s creditworthiness, which is advantageous for SMEs with insufficient financials and few assets. SMEs make up 95 per cent of all businesses in the UAE, according to recent research published by an agency of the Department of Economic Development, which is under the Dubai Government. As a result, SMEs employ 42 per cent of the workforce and are essential to Dubai s economy. Maerevoet said, ?We advance up to 95 per cent of the invoice amount. At a later date, we collect payment from the buyer and extend the remaining balance to the client.? To know more: https://www.tradewindfinance.com/new