|
Emirates NBD, one of the leading banks in the region, has launched smartTRADE, a new portal catering to supply chain and trade finance customers, as part of the bank’s smartBUSINESS channel.
The enhancement is part of Emirates NBD’s ongoing AED 1 billion digital transformation strategy focused on digitising operations, products and services to further enhance the bank’s market-leading proposition for corporate and retail clients.
smartTRADE offers Emirates NBD Transaction Banking clients a comprehensive range of new functionalities, allowing them to submit all trade requests online – such as letters of credit, guarantees, trade loan requests and more – enjoying reduced paperwork requirements and a shorter turnaround time in the process. The revamped portal makes it easier for clients to obtain trust receipt financing by allowing them to submit a request instantly online instead of visiting a bank branch.
In addition, clients will get real time updates on the status of their transactions through email and SMS notifications. Clients will also be able to make more informed decisions about their trade finance requirements, thanks to easy access to historical data, dashboards and other information on the smartTRADE portal.
Commenting on the announcement, Sumit Aggarwal, Executive Vice President and Group Head – Transaction Banking Services (TBS), Emirates NBD, said: “Emirates NBD’s smartTRADE will further consolidate our standing as the transaction banking partner of choice for all trade finance requirements in the UAE. The upgrades to the platform will further enhance our proposition to Transaction Banking clients, allowing them to conduct all trade finance transactions from the convenience of their home or office, without having to visit a branch.”
Aggarwal added: "smartTRADE is digitizing paper-dependent processes and reducing a high operational footprint. It increases agility across teams and eliminates errors and redundancies inherent in manual intervention. We are helping our clients access Trade Finance more efficiently, and gain competitive advantage in challenging global markets. Since the soft-launch a few months back, the response from our clients has been impressive. Sectors as diverse as Retail, construction and industrials to name a few are actively using our smartTRADE platform.”
Hussam Al Hashimi, Head of Priority Banking & Business Banking, Emirates NBD, said: “We are confident the new smartTRADE portal will enable us to deliver a smoother and more convenient banking experience for our business customers, enabling them devote more time towards their businesses. The platform’s comprehensive range of functionalities is sure to tackle significant pain points in our clients’ day-to-day operations, further strengthening our status as the preferred bank of companies in the UAE for all their business needs.”
The smartTRADE portal offers a wide range of services, including:
- Customise reports dashboard
Commenting on the launch, Lynda Ihenacho, Head of Treasury at Easa Saleh Al Gurg Group LLC, said: “Emirates NBD has the most comprehensive online trade finance products. smartTRADE allows us to view all overseas customer documents, including those related to transport and inspection as well as third-party certificates. This expedites our decision making process. Visibility throughout the cycle and reduced turnaround times on transactions are major benefits to us as an organization."
Emirates NBD’s Transaction Banking division offers a comprehensive suite of products and advisory services to support working capital requirements and maximise business opportunities, enabling the bank to capitalise on the UAE’s status as a global trade hub and the growing demand for trade finance solutions in the region. Several new solutions have been introduced in recent months for corporate clients, such as online VAT and Excise payments on smartBUSINESS and noqodi eWallet top up and eVoucher payments, in addition to enhanced trade finance capabilities in the UAE and overseas. The division won several awards in 2018 including ‘Best Transaction Bank; and ‘Best Cash Management Bank in the UAE 2018’ by The Asian Banker, and ‘UAE Domestic Cash Management Bank of the Year 2018’ by Asian Banking and Finance.
|
New
