In order to facilitate exporters, the Shahjalal Islami Bank Limited signed a Memorandum of Understanding (MoU) with the UK-based trade financier PrimaDollar Operations Ltd.
The agreement was signed between the two organisations at the corporate head office of Shahjalal Islami Bank on Tuesday, said a press statement.
M Akhter Hossain, managing director and chief executive officer of the bank and Munwar Uddin, country lead Bangladesh of PrimaDollar, signed the agreement on behalf of their respective organisations.
Under this agreement, the bank in collaboration with PrimaDollar will launch fintech based factoring solution to the exporters, 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.
Primadollar, a global trade financier was founded in 2015 and have headquartered in the UK. At present, they have 12 offices across the globe.