ICC TradeComm, a project designed to eliminate the global trade financing gap estimated at $5 billion, will allow Ecuadorian MSMEs to access new financing options. This according to the announcement made on Monday by the International Chamber of Commerce (ICC) and the fintech Finastra about establishing a pilot plan in Ecuador. Said pilot plan will be executed through the Ecuadorian chapter of the ICC, represented by the Chamber of Commerce of Quito (CCQ).
John Denton, Secretary General of the International Chamber of Commerce, highlighted the importance of having the CCQ as a strategic ally in the execution of this initiative. “ICC, Finastra and the Quito Chamber of Commerce provide all the key assets necessary to make this launch in Ecuador a success. The project brings together ICC’s partner network and international trade expertise, Finastra’s product development and innovation capabilities, and the local market knowledge and institutional reach of the Quito Chamber of Commerce. This is a winning recipe,” he assured.
According to the official project statement, the platform is connected to the billing system of the Internal Revenue Service (SRI), which is necessary to carry out the appropriate checks for the success of the initiative. Once implemented, ICC TradeComm would have the potential to support more than 50,000 MSMEs in Ecuador and promote more than $3.4 billion in trade in Ecuador between 2022 and 2026.
“We are very happy for MSMEs in our country and around the world. We are already carrying out important electronic invoicing initiatives in our country, and this will be a great complementary initiative that could make a difference”, assured Carlos Zaldumbide, Secretary General of ICC Ecuador.
“We all have an obligation to redefine finance for the better and help drive equal opportunity in the global economy. By orchestrating this ecosystem with the ICC, we hope to build a financing platform that provides support to MSMEs that desperately need access”, said Simon Paris, CEO of Finastra.
ICC TradeComm enables investors to finance trade transactions in exchange for documents of title and equip SMEs with a broader set of solutions to mitigate perceived risk and compliance burden. (I)