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Officials at the signing ceremony

DMCC signs membership agreement with FIMBank

DUBAI, July 5, 2017

Dubai Multi Commodities Centre (DMCC), the authority on trade, enterprise and commodities in the emirate, said it has signed up FIMBank, a leading provider of trade finance, factoring and forfaiting solutions, as a member to its Tradeflow platform.

A member of the Kipco Group of Kuwait, FIMBank is headquartered in Malta and operates in the Middle East through its branch at the Dubai International Financial Centre.

DMCC Tradeflow, a specialised, interactive ownership registry, with over 180 members, facilitates efficient, transparent transactions by providing a fully secure online platform for registering possession and ownership of commodities stored in UAE based facilities, said a statement from the authority.

Recent studies indicate a $1.6 trillion deficit in trade finance globally, with the biggest gaps hitting developing and emerging economies in Africa and Asia.

Over the last five years, DMCC Tradeflow transaction values have grown exponentially with total trades in 2016 alone reaching a value of $15.8 billion, a value increase of 405 per cent compared to 2015.

An agreement was signed by Sanjeev Dutta, executive director, commodities at DMCC and Nilanjan Ray, chief executive officer of DIFC Branch, FIMBank, at DMCC offices Almas Towers.

“We are proud to welcome FIMBank to our platform which offers a robust regulatory framework, the highest level of security, and an active trading base for title transfer or pledging of stored commodities. All key ingredients needed to fuel a dynamic marketplace where people can trade with confidence in Dubai and beyond,” remarked Dutta.

“We believe in strong strategic partnerships with industry leaders such as FIMBank as together we deliver enhanced products and services for the benefit of all industry participants,” he stated.

Howard Gaunt, group chief operating officer, FIMBank, said: “We are pleased to mark our collaboration with DMCC by signing this agreement as well as becoming a member of its tradeflow community which will enable us to further enhance efficiencies and reach untapped markets.” – TradeArabia News Service




Tags: | DMCC | agreement | Membership |

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