City Bank has signed a Memorandum of Understanding (MoU) with PrimaDollar to facilitate the exporters of the bank involved in foreign trade on deferred sales contract terms.
Primadollar, a global trade financier was founded in 2015 and have headquartered in the UK. At present, they have 12 offices across the globe.
City Bank, in collaboration with Primadollar, will launch fintech based factoring solution to the exporters which is the first time in Bangladesh, through which the exporters should be able to receive the payment of their deferred exports on sight basis.
This solution is secure, faster and cost effective and will help to shorten the cash cycle of the exporters.
Under the agreement, City bank will be able to provide a comprehensive solution to the exporters with the help of the PrimaDollar's real-time communication, global underwriting and leading edge online platform.
With the real time online solution of Primadollar, City Bank will be able to offer the solutions to the exporters 24/7.
Sheikh Mohammad Maroof, Additional Managing Director, and Mr Munawar Uddin, Country Lead Bangladesh of Primadollar signed the agreement of behalf of their respective organisations. Other senior officials from both the organisations were present at the ceremony.