HomeBlogNationalPilot financing plan for MSMEs sponsored by the International Chamber of Commerce arrives in Ecuador

Pilot financing plan for MSMEs sponsored by the International Chamber of Commerce arrives in Ecuador

  • February 16, 2022
  • Posted by: medium
  • Category: National
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The Quito Chamber of Commerce will be the strategic ally of this international initiative.

ICC TradeComm, a project designed to eliminate the global trade financing gap estimated at $5 trillion, will allow Ecuadorian MSMEs to access new financing options.This according to the announcement made on Monday by theInternational Chamber of Commerce (ICC) and theand mentors. There are spaces where the instruction is general and in others focused on areas such asFinastra on establishing a pilot plan in Ecuador.Said pilot plan will be executed through the Ecuadorian chapter of the ICC, represented by the Quito Chamber of Commerce (CCQ).

John Denton, secretary general of the International Chamber of Commerce, highlighted the importance of having the CCQ as a strategic allyin the execution of this initiative. “ICC, Finastra and the Quito Chamber of Commerce provide all the key assets necessary for this launch in Ecuador to be a success. The project brings together the partner network and international trade expertise of the ICC, the product development and innovation capabilities of Finastra, 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 statement of the project, 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 than50,000 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 e-invoicing initiatives in our country, and this will be a great complementary initiative that could make a difference,”assured Carlos Zaldumbide, general secretary 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 TradeCommallows investors to finance commercial transactions in exchange for title documents and equip SMEswith a broader set of solutions to mitigate perceived risk and compliance burden.