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Economic twists and turns marked 2023 but the asset-based lending (ABL) market still saw growth in commitments of working capital, according to data released by the Secured Finance Network (SFNet). And while there were fewer new client deals last year than in 2022, the deals were larger in size.SFNet surveyed bank and non-bank asset based lenders on key indicators for the Annual Asset-Based Lending Industry Survey.
19/04/2024
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Inseego Corp., a technology leader in 5G mobile and fixed wireless solutions for mobile network operators, Fortune 500 enterprises, and SMBs, announced today that as a result of its improving liquidity position and financial results, the company exercised its right to voluntarily pay-off and terminate its asset-backed loan facility (ABL Facility) with Siena Lending Group (“Siena”).
19/04/2024
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UAE based fintech, Codebase Technologies, has launched a fully automated and digital supply chain finance (SCF) solution to revolutionise MSMEs financing across MENA and APAC. The SCF offer developed on their tech platform Digibanc is aimed to support the needs of underserved MSMEs and address the gap of US45.2tn.
19/04/2024
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Following Wednesday UK inflation announcement, Lenvi (formerly Equiniti), a leading lendtech for major UK lenders such as Santander, Barclays, Metro Bank and Admiral, has commented on the outcome for borrowing amid the cost of living crisis.Richard Carter, CEO of Lenvi, said:
19/04/2024
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Aldermore has appointed Nicola Bonini as Business Development Manager for Invoice Finance and Nick Holmes as complex and asset based lending (ABL) Product Manager within its Business Finance division. Their appointments will help strengthen Aldermore’s ABL team, helping more businesses unlock finance and accelerate their growth.
18/04/2024
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Indian non-banking financial company (NBFC) Vivriti Capital, a specialist financier, has provided INR 400m (US$4.8m) receivables finance solution to Source.One, a polymer procurement tech company.
18/04/2024
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Marking a significant milestone, TuranBank OJSC, Azerbaijan has entered into a pivotal agreement with the Asian Development Bank (ADB) to finance international trade operations.Within the framework of the new agreement, ADB approved a trade financing guarantee limit by including TuranBank OJSC in the "Trade and Supply Chain Financing Programme" (TSCFP). This agreement will allow the country to expand import-export operations and support customers' trade operations.
18/04/2024
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Enrique Rico is the new Global Head of Trade and Working Capital Solutions of Santander. The new appointment follows the last month’s promotion of Mencía Bobo. Rico will report directly to Mencía Bobo.
18/04/2024
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TradeSun and Wells Fargo have entered into an agreement that will enable Wells Fargo to leverage the industry leading trade finance and compliance digitisation solution from TradeSun, using Artificial Intelligence (AI) and other advanced technologies to streamline the complex and manual processes employed globally within the banking industry.“We are designing and delivering innovative products to serve our clients in a more streamlined way across all channels”
17/04/2024
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Time Finance is announcing Jason Poxon as Business Development Manager in its invoice finance team. Jason joins with 10 years of experience in the financial services industry having held a position with Bibby Financial Services as a Business Development Executive, and prior to that, with Lloyds Banking Group as Client Liaison Executive. His new role with Time Finance will see him responsible for building new business relationships with intermediaries and SMEs alike across the East Midlands region.
17/04/2024
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Finastra today announced that it has integrated AI-powered ESG (environmental, social and governance) scoring capabilities into its working capital solution, Trade Innovation. The integration, with CoriolisESG by TradeSun, enables users to book and manage trade and supply chain finance with the added benefit of automated insights into ESG scoring. This results in greater understanding of the sustainability of trade and helps organisations to better monitor and manage their impact.
17/04/2024
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Surecomp® has announced a strategic partnership with Cleareye.ai Inc., a leading provider of digital trade finance solutions providing automation of trade compliance and operations.Both firms are acutely aware of the challenges faced by their customers engaged in complex and time-consuming cross border trade. This is confounded by increasingly complex regulatory requirements such as the monitoring of trade-based money laundering (TBML) putting a strain on operational capacity and rising costs.
17/04/2024
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The Economic Secretary to the Treasury, Bim Afolami MP, has announced a new industry-led taskforce, to be chaired by the Centre for Finance, Innovation and Technology (CFIT), that will endeavour to unlock the full potential of Open Finance.
16/04/2024
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First National Bank (FNB) has introduced a system-based tool to help SMEs to easily access credit without the hassle of financial statement and documentations.
16/04/2024
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Africa is at the forefront of digital transformation, and the region's banking industry is a hotspot for innovative solutions to existing problems. Veefin, a global leader in Digital Lending & Supply Chain Finance, has partnered with Computech Limited, a major systems integrator in East Africa, to provide digital lending and supply chain financing solutions for financial institutions in the country.
16/04/2024
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