Sinosure is first Chinese insurer to open office at DIFC

Sinosure is first Chinese insurer to open office at DIFC

Dubai International Financial Centre (DIFC) has announced that China Export and Credit Insurance Corporation (Sinosure) has chosen DIFC as the location for its first office in the Middle East. Sinosure is a state-funded and policy-oriented insurance company established to promote China's foreign economic, trade development and cooperation on a non-profit basis. Sinosure had accumulatively supported more than $5.3 trillion of domestic and foreign trade and investment, provided credit insurance-related services for over 210,000 enterprises and facilitated nearly 300 banks offering more than RMB3.9 trillion of financing for exporters, as of end 2020. Since 2015, Sinosure has maintained a top ranking amongst Export Credit Agencies based on the total insured amount, according to the Berne Union. With its new regional headquarters, Sinosure aims to further support China's national Belt and Road initiative, and other interests, as well as promoting the development of China's foreign trade and investment. Sinosure as a group writes short, medium and long-term export credit insurance, foreign investment insurance, domestic trade credit insurance, bonds, guarantees and reinsurance related to export credit insurance, accounts receivable management, information consulting services among others. DIFC is the preferred financial centre in the region for Chinese firms and home to the major financial