OOCL Logistics selects Stenn as its exclusive partner for embedded trade finance services via its PODIUM® technology platform
- The partnership is a multi-year arrangement and is designed to accommodate OOCL Logistics' multi-billion dollar annual trade flows through the PODIUM® platform
- Suppliers can apply for financing directly via OOCL Logistics' PODIUM® platform
- Facility offers exporting suppliers a host of new benefits including financing of invoices in less than 72 hours
Stenn Technologies, the leading digital fintech enabling growth for businesses engaged in international trade, e-commerce and digital services, has partnered with OOCL Logistics, the world-class logistics and supply chain services provider, to power the 'OOCL Logistics Trade Finance' program on a fully integrated basis. The innovative logistics and supply chain solutions company is exceptionally well-positioned to serve global markets with an extensive, growing network of more than 150 offices in over 50 countries/regions.
Utilizing Stenn's award-winning risk assessment and financing technology, OOCL Logistics will offer buyers and suppliers access to highly scalable invoice-backed capital and payment services, conveniently accessible through its PODIUM® platform.
For suppliers, the partnership offers myriad benefits including allowing them to have invoices paid sooner on a non-recourse basis. Due to Stenn's unique embedded technology providing direct access to finance, they can get funding within 72 hours of shipment. Meanwhile, buyers are able to access better payment terms from their suppliers, whilst simultaneously helping them to preserve much needed capital, or even add new suppliers.
This latest partnership for Stenn is another crucial step in fulfilling the company's mission to bridge financial gaps by providing funding accessibility across complex global supply chains.
Commenting on the partnership, Peter De Souza, VP of Partnerships at Stenn, said:
"Today's partnership announcement with industry leader, OOCL Logistics, comes as a much-needed solution to the most critical issue facing 65 million underserved SMEs globally, their lack of access to affordable working capital.
The integration of Stenn's risk assessment and financing technology into the PODIUM® platform, means together with OOCL Logistics we are bringing virtually seamless access to affordable finance so suppliers and buyers may realize their international trade ambitions and supercharge their growth.
Stenn is proud to play its part in closing the US$5 trillion trade finance gap with OOCL Logistics."
Commenting on the partnership, Ken So, Assistant General Manager, Commercial & Business Development at OOCL Logistics, Project Leader of the Trade Finance program said:
"Having thoroughly searched the market, we are pleased to be teaming up with Stenn Technologies as our exclusive partner for trade finance. From their leading technology platform to pain-free solution implementation and high-quality training and support, Stenn truly stood out from other eFaaS providers. We look forward to helping our clients improve the resilience of their global supply chains through our OOCL Logistics Trade Finance program, and our innovative partnership with Stenn."
About Stenn
Stenn is a leading global fintech and category leader in digital trade finance for businesses engaged in the digital economy. Founded in 2015, Stenn's mission is to connect underserved businesses to the global financial system, helping to bridge a $5 trillion financing gap through a fast, simple, online platform, as well as through embedded finance services that enable business and the platforms they use daily - Logistics, ERP/Accounting, Marketplaces, Payments, Procure-to-Pay, e-Invoicing - to get seamless access to affordable finance. Stenn already collaborates with Citi in connection with delivering deep-tier supplier financing solutions, and was global winner of the Financial Times' Tech Champions 2022 award, for the Banking & Payments category.
To date, Stenn's marketplace has facilitated over USD15 billion of financing, with committed capital provided by a diverse base of global banks, asset managers, funds and private capital sources.
For more information, please visit www.stenn.com
About OOCL Logistics
"OOCL Logistics" is a wholly-owned subsidiary of Orient Overseas (International) Limited, a public company (0316) listed on the Hong Kong Stock Exchange. Headquartered in Hong Kong, China, OOCL Logistics is one of the world's most innovative supply chain service and solutions providers with over 150 offices in more than 50 countries and regions. The company offers a full spectrum of advanced supply chain, end-to-end, and international logistics services supported by value-creating solutions and state-of-the-art technology. OOCL Logistics is also an industry leader in China and Asia, providing sophisticated transportation, warehousing and distribution services as well as professional and efficient 3PL, 4PL, and e-commerce solutions. (http://www.oocllogstics.com/)
