Global Trade Finance pioneers non-recourse factoring in domestic market
Global Trade Finance Ltd. has introduced, for the first time in the country, a product that provides for domestic factoring facility without recourse and with credit protection. Global Trade Finance Ltd. is able to introduce this product following its tie-up with overseas insurers like Euler Hermes and Atradius of Germany. Arvind Sonmale, managing director and chief executive officer, said that any enquiry from domestic clients for `without recourse factoring facility' for bills receivables would be entertained only with the consent of these insurance firms. Since the product had just been introduced, he expected a clearer picture on its acceptability to emerge by March. Mr. Sonmale said Global Trade had also introduced import factoring. This was possible thanks to its alliance with Amsterdam-based Factors Chain International (FCI), comprising 300 factors across 70 countries.
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