CMA CGM has launched financing services platform Shipfin Trade Finance
This range of financing services is dedicated to importing and exporting, in partnership with Incomlend, a global invoice finance platform.
CMA CGM Group explains that it wants to support its customers’ business through financing solutions tailored to their needs. The Group is putting its expertise and presence in 160 countries around the world at the service of its customers’ international development.
With the platform, CMA CGM says it offers all its customers, importers and exporters “a range of simple, reliable and rapid financial services to consolidate and support their international growth. With a dedicated team of experts based in the Group’s headquarters in Marseille, customers can benefit from a set of tailor-made solutions ranging from extended payment terms to financing advances”.
The Shipfin Trade Finance range is based on two initial products: Supply chain financing and cargo financing. They will be available on the CMA CGM, ANL, APL and CNC platforms and initially available to customers based in India, Dubai, Singapore, Hong Kong, Malaysia, Indonesia and the Philippines before gradually being deployed to other countries.
With Supply Chain Financing, CMA CGM offers a solution dedicated to importers who wish to free up their working capital while stabilising their supplier relations. Group customers who opt for this solution can extend their payment deadlines up to 120 days; strengthen their supplier relations by improving their cash flow; optimise payment tracking by finding all their documents in one place; master their compliance risk using the Know Your Customer assessment achieved by their suppliers; and simplify their processes by interfacing their IT systems with the platform.
Through Cargo Financing, CMA CGM offers a solution intended for exporters who wish to improve their working capital and ensure the growth of their business, allowing them to: maintain their cash position by receiving payment as soon as they load their goods, for up to 90% of the value of the invoice; optimise the tracking of their invoices and customer receivables by finding all their documents in one place; reduce their customer risk thanks to CMA CGM’s credit insurance coverage; simplify their multi-currency exchanges (four currencies available); simplify their invoice collection process; benefit from non-recourse financing and maintain their borrowing power.
CMA CGM senior vice president commercial agencies network Mathieu Friedberg said “By launching Shipfin, the CMA CGM Group goes even further in the customer relationship. We draw on our more than 40 years’ experience acquired at the heart of international trade to offer innovative, simple and relevant solutions beyond shipping to support our customers’ international development.”