As everyone knows, shipping finance has become the next frontier for fintech firms, and in a new development, Singapore’s Incomlend has launched its own invoice finance platform meant for the shipping sector. However, it is important to point out that the platform has been created for its client CMA CGM, a shipping group that is one of the company’s biggest clients. The platform in question is called Shipfin Trade Finance and will be made available to both importers as well as exporters in the company’s network spanning 160 nations. The platform will also provide clients of CMA CGM access to the marketplace funding model that is built into the platform. It will also be boosted by global funding pool services.
The platform Shipfin is one of a kind product that will provide a whole range of services to exporters and importers in the CMA CGM network. It has a quick registration process, and once done, it will help traders to keep track of their financial activities through easy to use dashboards. Speaking about the deal, the co-founder of Incomlend Dimitri Kouchnirenko stated, “This deal is a great fit as CMA CGM can perfectly identify cash flow needs among their shipping clients, while Incomlend is ideally geared to globally provide funding and process international transactions.”
Kouchnirenko went on to add that the launch of this platform will also allow small and medium-sized firms in the shipping world with a somewhat level playing field with regards to financing. Incomlend has become one of the better-known companies in Singapore after having been founded back in 2016. It has managed to complete around 2000 deals so far and has a presence in as many as 50 countries across the world. The exact financial details of this deal with CMA CGM has not been revealed yet.