This Week India: PrimaDollar launches
This article was first published in This Week India: here.
UK-based global trade finance provider PrimaDollar launches in India
As a pioneer of “transactional trade finance”, PrimaDollar is also now starting to partner with banks and logistics platforms to embed this new form of trade finance into their business models – allowing exporters to take finance as they ship their container, rather than having to make a separate call to their local bank in order to arrange separate working capital.
Speaking on its official launch in India, Tim Nicolle – Founder and CEO of Prima Dollar, said, “Trade finance has traditionally been atime-consuming service, involving multiple banks and the many layers of complexity associated with letters of credit. On a global basis, the market is looking for a transactional solution that works shipment-by-shipment, without collateral and at a low cost. That’s what PrimaDollar has pioneered. For the Indian market, this is especially important as Indian exports are rising (by 7% in 2018)whilst bank finance for exports is falling (down 20% by 2018). All of this points to a major funding gap that PrimaDollar’s trade finance products exactly fit.”
“After a successful pilot period, we are now officially launching our operations in India. PrimaDollar primarily targets mid- and large-cap corporate clients who are looking for low cost and collateral-free liquidity in support of their international exports. India is a major market for us and we have opened four offices already. We are building a multibillion-dollar global platform in trade finance and our India launch is a key step for PrimaDollar.” added Tim.