Menafactors join forces with DMCC to introduce Inventory Financing Solutions

20.06.2013

Menafactors Limited recently joined forces with the Dubai Multi Commodities Centre (DMCC), a Government of Dubai Authority, to organize a business breakfast event at the Capital Club within the Dubai International Financial Centre (DIFC). 

Discussions during the event focused mainly on the topic “The latest trends and updates on GCC trade flows”.  Organizers highlighted various ways to cash in on the region’s growth by integrating the DMCC’s Tradeflow system and Menafactors’ expertise in Trade Finance.

DMCC Tradeflow offers a central, web-based registry of ownership for commodities and other assets in Dubai and the UAE. Owners can store their goods in the country and request the warehouse to issue a DMCC Tradeflow Warrant, allowing for legal representation of ownership. In turn, the owners can pledge these Tradeflow Warrants to Menafactors in exchange for trade financing. DMCC Tradeflow Warrants are endorsed and administered by DMCC as the governing authority and central registrar.

“Menafactors has recognised the benefits of its association with DMCC in offering Inventory Financing to commodity traders, and we consider it an innovative structure which can help infuse much needed liquidity into the trade finance market, thereby stimulating the Middle East’s trade growth” stated Menafactors CEO Anand Padmanaban.

According to Menafactors Regional Head of Business Development Bassam Azab “DMCC Tradeflow is one of the pioneering platforms of such its kind in the region and we appreciate the mechanism and controls involved that make it possible for traders to obtain finance and for financing institutions to offer such finance”.

During the business breakfast, the DMCC team delivered a presentation on DMCC Tradeflow and the benefits available to traders and financiers through membership of the platform.

Paul Boots, Director at DMCC Tradeflow said: “Since DMCC’s inception in 2002, we have remained committed to establishing Dubai as the global gateway to trade through innovative products and platforms. DMCC Tradeflow was created not only to cater to market needs, but to contribute to Dubai’s continuous growth as a transparent trade and business destination. Menafactors has correctly identified the value DMCC Tradeflow brings to the global trade finance industry and we are pleased to have their support.”

The event, which was attended by a number of trading companies active in the UAE market and internationally, is the first of a series that Menafactors intends to hold to introduce these new services to the market.

Menafactors is a member of the FIMBank Group. For further information please visit www.menafactors.com

For further information about DMCC please visit www.dmcc.ae

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