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New deal oils the wheels of global trade

[ September 5, 2023   //   ]

OOCL Logistics arm has signed a partnership with digital financial technology company, Stenn to power its Trade Finance programme.

It will give the shipping line’s buyers and suppliers access to scalable invoice-backed capital and payment services through its Podium platform.

Stenn Technologies has a network of more than 150 offices in over 50 countries and regions.

Suppliers will have invoices paid sooner on a non-recourse basis and they will be able to obtain get funding within 72 hours of shipment. Buyers will gain better payment terms from their suppliers, helping them to preserve capital, or add new suppliers.

Stenn vice-president of partnerships, Peter De Souza, said it would create “a much-needed solution to the most critical issue facing 65 million underserved SMEs globally, their lack of access to affordable working capital. The integration of Stenn’s risk assessment and financing technology into the Podium platform, means together with OOCL Logistics we are bringing virtually seamless access to affordable finance so suppliers and buyers may realize their international trade ambitions and supercharge their growth.”

The two partners would play a part in closing the US$5 trillion trade finance gap, he added.

Ken So, OOCL Logistics’ assistant general manager of commercial and business development and project leader of the Trade Finance program added: “From their leading technology platform to pain-free solution implementation and high-quality training and support, Stenn truly stood out from other providers. We look forward to helping our clients improve the resilience of their global supply chains through our OOCL Logistics Trade Finance program, and our innovative partnership with Stenn.”

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