PrimaDollar is proud to join FCI, the voice of the global open account receivables finance industry.
FCI’s membership provides receivables-financing services globally in excess of €2.5 trillion per annum. PrimaDollar offers a new breed of cross-border trade finance which is based upon many of the technologies that are common-place amongst the FCI membership. With its mandate to promote open account receivables finance around the world, FCI continues to lead the industry, setting the standards, connecting the providers and driving innovation.
Peter Mulroy, Secretary General of FCI commented:
“We are pleased that PrimaDollar has agreed to join FCI. PrimaDollar’s innovative trade finance solutions are particularly important for emerging Asian exporters and PrimaDollar’s ability to support cross-border open account transactions for buyers on a standalone basis is an interesting development for our industry.
PrimaDollar’s products have been accepted by Islamic financial institutions as being Shari’a compliant – which is an area of significant interest for our membership, whilst also furthering FCI’s reach into countries where two-factor solutions are less well accepted. The FCI board will be lending its support where we can to the continued development of their business model and we wish PrimaDollar success going forward as a long-term member of FCI.”
Tim Nicolle, CEO of PrimaDollar Group commented:
“Both Peter and the FCI community have been very helpful to us, as we establish our new system of open account trade finance. We aim to expand the reach of open account trading by providing a solution that works for exporters large and small, where-ever they are based, but using a single-factor model.
We are already partnering with local banks in new markets for FCI. We expect to assist FCI, in time, to broaden the membership base and further strengthen the FCI’s voice in supporting open account trade finance around the world.”
FCI was set up in 1968 as an umbrella organisation for independent factoring companies around the world. Today we have grown into the world’s representative factoring network and association with more than 400 members in 90 countries.
FCI’s Vision is to be the Global Association for the Open Account Receivables Finance Industry.
PrimaDollar provides trade finance to exporters who can win bigger orders at better margins by offering open account, deferred payment terms to their buyers. Through our network of offices across South Asia, we partner with local banks and we provide cross-border, open account trade finance at a low-cost and with high-advance rate.
The PrimaDollar group was founded in 2015, and is headquartered in the UK. Our local presence allows us to help exporters, large and small, who would otherwise find working on open account to be difficult or even impossible. PrimaDollar is backed by institutional and private investors and is funded at low cost from the London financial markets.
London, Dhaka, Amsterdam: March 12th 2018
The FCI announcement is: here.