As per the latest news, the Panama-based multinational bank Banco Latinoamericano de Comercio Exterior (Bladex) has turned into the first bank in Latin America to collaborate with Dubai-headquartered Fintech Innovations International DMCC’s TradeAssets platform.
By associating with TradeAssets, an eMarketplace for financial institutions (FI) assisting banks in developing markets to get easy access to trade finance and liquidity, Bladex will empower to facilitate its client's improved access to global trade finance instruments, as per the companies’ statements in a press release.
“We are excited about this tremendous association as its value propositions cater to various strategic goals for Bladex,” said BladexCEO Jorge Salas in the press release. “It offers easy access to new markets, gears up customers or counterparties development, and creates functional and effective improvements that aid in technological strength.”
TradeAssets has 100 bank members from around 30 nations, since 2020, more than $2.5 billion has been posted in volumes, as per the release.
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With this latest strategic association, Bladex and TradeAssets will team up to bring more Latin American banks to the platform and contribute flows through the overseas trade transactions connecting the regions with other continents, the release said.
“As a market chief in the Latin-American trade finance industry, Bladex facilitates a unique set of financial services into the whole region and is a leading institution striving to grow its global reach within the region and beyond.” TradeAssets Co-founder and President Sumit K. Roy stated in a press release. “With this association, we are focused on grabbing new market opportunities as well as reducing the trade finance gap in Latin America.”
This declaration comes fourteen days after Bladex reported that it had turned into the first Latin American Bank to associate with Swiss FinTech Komgo’s trade finance platform, announcing the new collaboration will improve the bank’s capabilities to develop international trade in the region.
“Bladex is creating its well-informed plan on a unique business model that will have profits from a progression of crucial associations, for example, the one with Komgo, which is focused on developing financing solutions for overseas trade through new finance technologies that adjust to clients' requirements and lift the business,” Salas stated at the time.