Two associated UAE-based firms have opted for a web-based multi-bank platform that aims to streamline the management of their letter of credit (L/C) and other trade finance functions.

Emirates Trading Agency LLC and Associated Constructions LLC (ETA Ascon Group) have opted for the @GlobalTrade solution developed by Canada's GlobalTrade Corporation (GTC).

Solutions

By adopting @GlobalTrade, the group will be able to access solutions to process import and export L/Cs and collections as well as guarantees.

Because the solution is a multi-bank platform, ETA Ascon Group will be able to process transactions with several major banks in Dubai.

Customised software

According to the group's general manager for corporate accounts, M Kalimullah, GTC has customised its software in accordance with banking practices in the Middle East.

Kalimullah says ETA Ascon is now in the process of rolling out the new software across its business units and banks.

Benefits

The group hopes that by automating and standardising its trade finance activities on the new software, it will be able to reduce risks and view transactions handled by several banks on one electronic page.

The ETA Ascon Group trades in several sectors, including trading, shipping, manufacturing and assembly, automotive distribution, engineering, construction and real estate development.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.