We live in uncertain times. Whilst the devastating effects of the pandemic have been seen across all economies and are well documented, forecasts are predicting a staged recovery and evidence already showing a return to pre-covid trade levels. The way we conduct business, where, when, if and how safely we may travel with complex evolving quarantine rules remains challenging.
We are not out of the woods yet. Reliance on silos of technology, shortage of liquidity, extra paperwork at customs, export bans, foreign exchange cost and fluctuation, retail group failures and general confidence continue to affect international supply chains.
Far from eradicating Covid, current thinking supports living with variants, with constant vigilance. Companies still need to maintain all important cash-flow, with challenges of huge rises in container and transport costs, staff shortages and rising trade overheads leaving smaller margins and economic strain. To remain globally competitive, importers are having to absorb costs rather than passing them to end consumers, although how long this may be sustained remains questionable.
However, confidence is growing, and industries and economies will bounce back. We stand ready to service the huge Tier 2-3 SME and corporate market, supporting the re-vitalising of business and supply chains through our innovative product set especially in emerging markets hit by lack of liquidity, trust and experience.
As a supervised and authorized financial institution, under the robust, respected framework and oversight of our St. Lucia regulator, Euro Exim Bank (EEB) is a renowned, specialist company similarly exercising strong compliance and due diligence in all business dealings.
We have purposefully created a digitised technology-based business model to assist this under-serviced sector through digitalisation of processes, requirement for appropriate collateral, fast on-boarding and issuance, cost-effective pricing, all underpinned by a blockchain supported trade platform.
Our core business remains the issuance and relay of a growing array of trade finance instruments, namely letters of credit, standbys, performance bonds and guarantees merchant accounts and immutable payment delivery using RippleNet products and services.
Through the Ripple xCurrent application, the bank tracks real-time payments accurately and effectively, without complexity, delays or cost of multiple routing paths. The additional On-Demand Liquidity (ODL) services help clients gain unlimited, low-cost access to liquidity, retaining local currency control, throughout the transaction lifecycle. The XRP digital asset provides guaranteed exchange rates and blockchain based immutability with frictionless transfer and settlement.
Today, EEB’s network of agents and partners spans across almost 30 countries and is witnessing a huge increase in the volume, variety and value of transactions.
Major banks have traditionally been the mainstay for trade finance business, dealing with high value, high volume business, funding lucrative corporate and Government-led infrastructure projects.
However, we have witnessed increased lack of trust, complexity of smaller deals, protectionism, tariffs, limitations on liquidity, expensive access to fiat currencies such as dollars, constant regulatory pressure, risk mitigation and reduced appetite to deal with smaller entities and trade values.
As large players redirect their cost bases and resources, away from emerging markets in Africa and Asia, the path has become clearer for smaller niche providers such as EEB to service the millions of corporates and SME’s dependent on competing effectively and economically, improving financial inclusion and providing the opportunities to raise economies from debt.
Recognition and reputation are built on exceptional service, professionalism and flexibility. EEB is built on just such cornerstones, with experience, trust, leadership, personal relationships, strong CSR policy, country expertise, speed of response, cost-effective instruments and continued contact and information sharing.
EEB serves clients in over 100 countries, assisting importers to fulfil their obligations in often challenging jurisdictions, regularly dealing with the ever-present complexity, burden, financial pressures and transport issues in international trade.
The trade finance sector is fraught with risk, with a high incidence of failed transactions. Market demand has attracted untested short term profit seekers, keen to exploit eager buyers where non-compliance, minimal checking, lax attention to regulation and artificially low fees prove too attractive an opportunity for cash-strapped importers to resist.
We are increasingly approached by buyers who seek secure, trusted services, having experienced significant financial losses from dealing with unscrupulous companies offering unrealistic fees, hiding behind cloned fraudulent websites and ultimately operating with a complex web of deception.
Our team have years of experience in financial markets and have contributed to major financial publications on topics such as impacts of Free Trade Agreements, the opportunities in Africa as alternative markets, emerging market liquidity, resolving the stifling of international through sanctions, and innovative payment solutions for emerging economies.
Our professional team of speakers have been able to discuss key topics at GTR, TXF, Caribbean Association of Banks, Ripple and other key financial conferences.
The team have also created information sharing campaigns through our website, and knowledge-sharing videos. These break down the complexity of the trade sector and provide valuable insight to companies looking to import for the first time, where local barriers make it traditionally difficult to compete. The Bank offers varied banking services including guarantees for bids and big budget tenders to contractors and exporters and is certified to issue Bid Bonds, Retention Guarantees and Tender Guarantees.
Our articles, video conference appearance, panel discussions, opinions and experience are valued by the trade community, culminating in international recognition of our product innovation, service delivery and strong executive support, resulting in numerous awards and citations.
Our brand has become instantly internationally recognized and we retain a leading position as key sponsor in conferences, with publications and video output providing not only information, but valued analysis and access to experienced professionals.
This year will also see contributions regarding trade issues through television networks as we outline the challenges and opportunities in the sector and raise market awareness of our world class products and services.
With our thought leaders, speed of turnaround, employment of the latest technology (blockchain and Ai), competitive issuance rates, close relationship with clients and growing global presence we are moving swiftly towards our goal of being the pre-eminent “go-to” bank for trade.
