China Export & Credit Insurance Corp (Sinosure) has signed a landmark deal with Standard Chartered Bank (SCB) to jointly offer Chinese exporters credit insurance coverage and trade financing services. SCB also launched its account receivables finance services to local companies. It will provide qualifying local exporters working capital financing through international account receivables financing, with credit insurance coverage provided by Sinosure.
The deal is the first that the government-funded export credit agency has concluded with a foreign banking firm to provide export credit insurance services to Chinese exporters.
Prior to the move, the insurance firm had already signed deals with 23 domestic banks in the trading finance arena to extend insurance and finance services for more than 300 Chinese exporters.
