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UK-based PrimaDollar has launched its supply chain trade finance platform in India.
With top 100 Indian importers bringing in over US$30bn in goods every year, PrimaDollar is targeting savings for this sector of at least $50 million, Swati Babel, CEO PrimaDollar India, said.
PrimaDollar’s platform will help Indian companies to compete both locally and internationally by reducing the input cost of materials and components required in the development and manufacture of goods. The platform will enable the corporate importer to take control over how his international suppliers are funded and paid.
After its launch in the UK and European markets, PrimaDollar has adjusted the platform to fit with Indian regulations, the customs, practices and norms of the Indian banks, and the Indian foreign exchange control regime.
The supply chain trade finance platform connects importers, exporters, local banks, logistics providers and funders together. The entire international supply chain is then being managed, funded and controlled by the importer through one process, irrespective of how the goods are being moved and where they are coming from. This allows the import supply chain to move onto standard open account terms, whilst Indian banks or international partners provide funding to ensure that exporters are paid at shipment whilst importers pay later.
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