Banco Latinoamericano de Comercio Exterior (Bladex) has formed a strategic partnership with Dubai-based Fintech Innovations International DMCC, which owns the TradeAssets e-Marketplace for financial institutions. Bladex’s collaboration with TradeAssets will allow it to further promote interbank relations, giving customers greater access to trade-related financing solutions. Bladex is the first Latin American bank to join the TradeAssets platform as part of the alliance.
Bladex’s CEO, Jorge Salas, said, “Bladex is building its strategic plan on a unique business model that will benefit from a series of critical alliances, such as the one with TradeAssets, which aims to grasp the existing finance opportunities across important trade corridors for Latin America in an efficient and safe manner. We are enthusiastic about this strategic alliance as its value proposition meets several strategic goals for Bladex: it facilitates access to new markets; accelerates clients or counterparties growth and generates operational and efficiency improvements which contribute to adding technological strength. Additionally, it enables risk sharing and invites liquidity into Latin America.”
Bladex and TradeAssets will work together to bring more Latin American banks on board. This will facilitate trade flows through trade corridors connecting the region to Europe, the Middle East, Africa, and Asia, resulting in an appealing value proposition for Bladex’s stakeholders.
TradeAssets will make it easier to establish relationships and close deals in new markets. As a result of this initiative, Bladex is already in discussions with several banks in India, where the LatAm-India corridor is crucial, with total trade flows reaching USD43 billion by 2021.
Sumit K. Roy, Co-founder & President of TradeAssets, said, “We are excited and privileged by this partnership with Bladex. As a market leader in the Latin-American trade finance space, Bladex provides a unique window into the entire Region and is a prominent institution keen on raising its international connectivity within the continent and beyond. With this collaboration we aim to grasp new business opportunities, while reducing the trade finance gap in Latin America.”