Infor sees IFC funding exceed $1.5bn to support trade in emerging markets
By Sunniva Kolostyak
Infor, the business cloud software provider, has revealed that financing provided by International Finance Corporation’s (IFC) has surpassed $1.5 billion per year, as the World Bank arm is tasked with financing trade in emerging regions through cloud networks.
The Global Trade Supplier Finance (GTSF) programme, which uses Infor Nexus as its digital commerce network to deliver the financing, has been developed to aid areas which often lack access to funding.
This includes areas such as Bangladesh, Pakistan, Vietnam, Honduras, Cambodia, Sri Lanka and Ethiopia, and Nike and Puma are among the supply chain communities served by IFC through Infor.
Commenting on the funding, Gary Schneider, Vice President of Financial Services at Infor, said: “IFC has been a bold partner and innovator that was quick to grasp the power of a supply chain network, which digitally connects the parties, documents and systems that make the engine of global commerce hum.”
“Through our partnership, we can help address two major risks in today’s supply chains: supplier liquidity and responsible production, based on ethical and sustainable business practices. As more enterprises and finance providers embrace digital commerce and cloud platforms, we expect to see a further increase in innovative programs such as this, which optimize data, capital and goods movement to improve the health of global supply chains.”
Infor specialises in providing mission-critical enterprise applications to 67,000 customers in more than 175 countries, with cloud software specialised by industry to deliver more value and less risk with more sustainable operational advantages.
Since 1956, IFC has leveraged $2.6 billion in capital to deliver more than $285 billion in financing for businesses in developing countries. This includes the GTFS programme that provides short-term financing to emerging market suppliers selling to large domestic buyers or international buyers, by discounting invoices once they are approved by the buyer. Interest rates of financing provided by GTSF are often linked to suppliers’ environmental and social performance.
Sabine Schlorke, Manager, Global Manufacturing and Supplier Finance at IFC, added: “For a long time, suppliers in places like Bangladesh were off the financing grid due to traditional funding methods.”
“Infor’s digital trade network gives us the visibility and data we need to deliver funding with confidence to many under-served suppliers. Infor’s cloud-based platform and local support presence around the world makes this possible.”
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