As the trade finance gap hits $1.7 trillion, the DIT-TFG-UKEF partnership is set to help UK SMEs with global trade.
Leading B2B trade finance fintech Trade Finance Global (TFG) has announced a new partnership with the UK Department for International Trade (DIT) and UK Export Finance (UKEF), the UK government’s export credit agency, to produce the UK Trade & Export Finance Guide.
A New Guide To Help UK SMEs Thrive & Expand
As the current geopolitical climate heightens challenges for trade, TFG’s new partnership signals an extension of its support for UK businesses seeking to expand overseas and is heavily focused on the SMEs who have been disproportionately affected by developments over the past few years.
With up to 90% of global trade requiring financing, the 60-page guide comes against a backdrop of complex geopolitical circumstances and an ever-changing financial landscape. Exploring recent issues, such as the COVID-19 pandemic, Brexit, and the current Russia-Ukraine conflict, it aims to paint a clearer picture of how to navigate the current economic status of the industry.
Mark Abrams, global head of trade and receivables finance at TFG, says: “During these uncertain times a guide such as this one can really help shed light on UK trade and export requirements.”
This latest guide begins with a brief definition of trade finance, as well as its advantages in financing a company’s future development. It subsequently provides an insight into the trade cycle, along with the nuances of undertaking or expanding international trade ventures in the context of the financing gap.
The guide also provides UK exporters with detailed information regarding UKEF’s trade finance and insurance products for a more complete picture of the sector. It is a telling feature for SMEs looking to adapt to post-pandemic trade as Tim Reid, director of the business group at UK Export Finance, says: “Exports can help businesses increase profits and grow, especially when you are supplying to industries that are growing faster outside of the UK.
“That’s why we are pleased to be working with Trade Finance Global to help business leaders understand the benefits of trade and how the right finance can unlock new opportunities.”
Elsewhere, the guide distinguishes between funded and unfunded trade finance, ensuring a thorough summary of underlying dynamics in buyer-seller relationships.
Transacting across borders can be a complicated affair, as such, the trade and export finance guide examines pre-shipment, post-shipment, and supply chain finance giving an overview of associated risks.
Examples of how this all comes together is shown through two UK case studies; First Subsea, a designer and manufacturer of cable protection systems for offshore wind farms, and Union Papertech, a British tea and coffee supplier.
The guide is available to UK businesses with immediate release.
The UK’s Department for International Trade (DIT) helps businesses export, drives inward and outward investment negotiates market access and trade deals, and champions free trade.
DIT encourages UK businesses to drive sustainable international growth, ensures that the UK remains a leading destination for international investment, moulds the trade environment with new and existing partners which is free and fair, and utilises trade and investment to underpin the government’s agenda for a Global Britain and its ambitions for prosperity, stability and security worldwide
About Trade Finance Global
Trade Finance Global (TFG) is the leading B2B fintech in trade finance. TFG’s data-led origination platform connects companies with innovative trade and receivables finance solutions from over 300 financial institutions.
This is combined with TFG’s award-winning content, informing a global audience of 160k monthly readers (6.2m impressions) – across app, podcasts, videos, magazines and research. They help companies scale up their trade volumes by matching them with appropriate financing structures based on product, sector, location, and trade cycle.
About UK Export Finance
UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for International Trade as an integral part of its strategy and operations.
Established in 1919, its mission is to advance prosperity by ensuring no viable UK export fails for lack of finance or insurance, doing that sustainably and at no net cost to the taxpayer.
The full 60-page guide is available for immediate download at www.tradefinanceglobal.com/export-finance. Alternatively, TFG’s press contact Natasha Roston can be reached at 07921855658 or firstname.lastname@example.org.
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Organization: Trade Finance Global
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