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The International Chamber of Commerce (ICC) and Finastra have announced Ecuador as the first market in which they will run the pilot for their trade funding marketplace.
The ICC TRADECOMMmarketplace, powered by Finastra, aims to reduce trade finance barriers for SMEs and enable all parties to benefit from improvements in matching supply and demand, ultimately decreasing the global USD 1.5 trillion dollar trade finance gap.
During the pilot, bank and non-bank financers are given the opportunity to finance local SME invoices via a risk-based approach. The focus will be on engaging with early adopters in region to support local platform development, with the goal being to bring the solution to all SMEs and financers there. New markets for additional pilots have already been identified and will be revealed soon, concludes the official press release.
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