RAKBANK joins ECI led ‘UAE Trade Finance Gateway’ to support SMEs

RAKBANK joins ECI led ‘UAE Trade Finance Gateway’ to support SMEs

Ras Al Khaimah-based leading financial institution National Bank of Ras Al Khaimah (RAKBANK) has entered into a partnership with the UAE Federal export credit agency, Etihad Credit Insurance (ECI) to enhance financing for small and medium-sized enterprises (SME) through the UAE Trade Finance Gateway.

The UAE Trade Finance Gateway, launched as part of the UAE’s Golden Jubilee, is a digitized platform that helps exporters and re-exporters based in the country to obtain finance easily and expand their businesses globally.

Led by ECI and backed by the UAE Ministry of Economy, the gateway is a receivables financing marketplace that addresses the shortage or restricted availability of trade finance solutions for SMEs, by simplifying the complex, confusing and time-consuming processes.

Dhiraj Kunwar

MD – Business Banking

RAKBANK “We are committed to supporting the UAE’s vision for a sustainable economy to boost the nation’s position as a global business hub. We are confident that a financing marketplace backed by ECI’s strong insurance coverage will help RAKBANK business banking customers, especially exporters, benefit from a seamless end-to-end digitized process.”

The UAE Trade Finance Gateway aims to offer a smooth relationship between buyers, sellers, the lending bank and ECI in an end-to-end digitized process. Through this scheme, the federal government’s trade