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A recent report by the Asian Development Bank highlights that the estimated global trade finance gap lies at around $1.6 trillion, and that as many as 50 percent of trade finance applications by SMEs get rejected. These statistics bring up an obvious question—how can SMEs operate in an environment where their requests for trade finance are more likely to be rejected than funded?
The same report also states that an increment of 10 percent in trade finance would enable SMEs to recruit in average, 1 percent more employees. Therefore, since trade finance has additive effects on employment, in absence of its underlying support, trade opportunities that create growth and jobs are lost.
Answering these questions and addressing the socio-economic development issue of unmet trade finance demands is Sydney-based fintech firm, Trade Ledger.
The company has developed a unified digital business-lending operational platform that creates a channel to support all major types of cash flow lending products, from invoice funding to debtor financing, to supply chain financing. According to Martin McCann, CEO of Trade Ledger, “A highly problematic reality is that most of the world’s SMEs are considered credit-unworthy when the truth is that the credit modelling and underwriting processes are simply set up to deal with MN’s and large corporations and cannot address the SME market. We are solving that market problem with technology.”
Trade Ledger is reimagining the future of business lending technology—Banking as a Service