PrimaDollar Is To Bring Supply Chain Trade Finance In India
PrimaDollar, a Supply Chain Trade Finance platform is now planning to conduct its business in India after launching it in the UK. Supply chain trade finance is a unique and efficient way that allows big corporates to handle the funding and payment system for their overseas suppliers.
As per the release, “Replacing LCs and other bank trade finance instruments, it delivers immediate cost savings, reduces street prices for goods, and improves India’s international competitiveness. With the top 100 Indian importers bringing in over $30 billion in goods every year, PrimaDollar is targeting savings for this sector of at least $50 million”.
This advanced supply chain trade finance platform by PrimaDollar is expected to assist Indian companies in refining a full-fledged competition in both local and international markets as it reduces the input costs of materials and components essential for developing and manufacturing goods for sale.
With its UK head-Office, PrimaDollar is a fintech company that is facilitating international trade finance worldwide with clients over 40 countries now. Launched in India in September 2019 and now consists of 5 offices with an adequate staff in India compared to any other country, the company is reinforcing big Indian global traders with its supply chain trade finance across its digital advanced platform.
Swati Babel, CEO PrimaDollar India explained, “ It has been a lot of work to adjust our successful supply chain trade finance platform to fit with Indian market requirements. But now this has been done, with the excellent support of the leading corporate law firm, Indian companies and their Indian relationship lenders can now take advantage of this leading trade finance technology”.
After launching their business in the UK and European markets, PrimaDollar has modified the platform with the purpose to ensure its suitability with the Indian regulations, customs, standards, and rules of Indian Banks and the Indian foreign exchange control regime.
The supply chain trade finance platform of PrimaDollar associates global traders (importers & exporters), domestic banks, logistic suppliers, and funders together. The whole process of the global supply chain can be then handled, funded, and dominated by the importers through one process, doesn’t matter where the goods are being shipped or coming from. It will help to shift the entire import supply chain onto standard open account terms, while the banks of India or global partners facilitate finance to ensure on-time payment to the exporters at shipment while global imposters release payment later.