Dubai / WAM
Giving a major boost to trade relations and continued business growth in the region, Etihad Credit Insurance, the UAE Federal export credit company, signed a memorandum of understanding (MoU) with Tradeling, the hyper-growing eMarketplace focused on business-to-business (B2B) transactions in the Middle East and North Africa region.
Under the agreement, signed by Massimo Falcioni, CEO of ECI, and Marius Ciavola, CEO of Tradeling, the UAE’s Federal export credit company will provide Tradeling’s customers with a broad range of trade credit insurance solutions, which will protect them against commercial and non-commercial risks arising from customers’ insolvency, protracted defaults as well as supply and political risks. It will also help them achieve growth on a global scale by providing a wide range of market intelligence and ease of access to international trade.
With ECI’s commercial and Shariah-compliant solutions, Tradeling’s customers will be insured for invoice discounting, which is a finance facility when a company’s unpaid invoices are used as collateral for a loan. In addition to ECI Islamic and SME Protect, other innovative trade credit insurance products will benefit small, mid-cap and large enterprises using Tradeling’s platform. ECI will also facilitate finance policies on a case-by-case basis according to the requirements of Tradeling’s customers.
On the other hand, Tradeling will conduct events in cooperation with ECI to provide valuation tips and information for its customers discussing the advantages of using trade credit insurance to ensure the growth as well as continuity of their business.
Establishing a dominant business-to-business ecosystem in Mena with its eMarketplace and other innovative digital platforms, Tradeling ensures a safe and stable trade process, which is perfectly in sync with the mission of ECI to accelerate non-oil trade and economic diversification of the UAE.
Commenting on the agreement, Falcioni said: “In today’s complex economic and trading ecosystem, it is indispensable to have businesses protected by proper insurance solutions. By associating with a dominant digital business platform in the region, we intend to reach out to numerous local businesses supporting them with our trade credit insurance services and global network of more than 320 million businesses worldwide.”
Meanwhile, Ciavola said: “Tradeling connects local businesses with global sellers from around the world. Through this partnership with Etihad Credit Insurance, sellers can sell their products to the UAE market with a high level of government protection and support. Similarly UAE SMEs can safely export their products using Tradeling’s platform. We are honoured to have this opportunity to collaborate with a Federal agency, which we believe will have a tremendous impact on the business growth of our loyal customers across the region.”