Import businesses that have been experiencing difficulty as a result of limited financial support during the Covid-19 lockdown may find renewed hope through an online trade finance platform that provides direct access to funding opportunities from multiple private funders and traditional banks, both locally and abroad.
“Companies that rely on imported goods – whether they be raw materials or manufactured items – are being hard hit in the current economic crisis. Manufacturing and distribution logistics have been disrupted by delays at the ports during lockdown, and although goods will eventually clear, this ultimately leaves importers battling with liquidity to secure their next import batches,” says Wayne Champion, CEO of tradeXpad – an online platform that connects funders in the cross-border financing space with importers, exporters, logistics parties and other involved in the supply chain.
Champion says there are two primary problems that larger corporates and SMMEs alike are facing right now: cash flow and time, both of which are in short supply.
“Funds that were previously available through traditional finance routes are either limited or difficult to access, even for established businesses. Secondly, the time it takes to get finance approved through traditional avenues also means businesses cannot move fast enough when speed to market is critical. As a result, businesses are looking at technology that can provide more direct ways to expand their access to funding.”
Champion believes a secure, blockchain-based platform like tradeXpad provides the necessary shortcut for importers to engage with potential funders. In addition, the platform’s blockchain and smart contracts provide a “single source of truth” with a transparent view of activity and documentation at all critical points of a supply chain, to keep all relevant parties informed.
Game changer
“Because of the platform’s tiered risk and multiple funder models, there are no minimums or maximums applied to importers submitting credit applications to the marketplace. Funders are willing to offer facilities at all levels. We do believe this will be a game changer for businesses who were challenged even before the Covid-19 crisis emerged,” says Champion.
The tradeXpad platform is open to businesses of all sizes, across all geographical jurisdictions, and is not currency bound, provided there are funders who can support specific currency requests. tradeXpad has presence in, and access to, funders in Africa, Asia and Europe.
About tradeXpad
tradeXpad is an efficient, easy-to-use trade finance platform that enables trade by providing a marketplace for funders and importers to be introduced and then transact via supply chain workflow software which is secured by the blockchain, and uses smart contracts for optimal efficiency. tradeXpad is a legacy-free ecosystem built from the ground up on the four cornerstones of immutable blockchains, smart contracts, intelligent algorithms and passionate commitment. tradeXpad is trade finance as it should be: secure, transparent, efficient. tradeXpad delivers a trading environment fit for the digital age that finally gives you what you need: access to a global market without boundaries. tradeXpad has offices in South Africa, the Netherlands and Hong Kong. Visit www.tradexpad.com to learn more or send an e-mail to: [email protected].
Disclaimer: The tradeXpad platform submits credit applications to potential funders but does not guarantee that a deal will take place. tradeXpad is not a licensed credit provider.
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