Eximbank of Russia and Sberbank develop joint financial product to support exporters
On February 3, 2021, the agreement on the development of a financial product was signed by Azer Talibov Chairman of the Board of Eximbank of Russia JSC and Anatoly Popov Deputy Chairman of the Board of Sberbank PJSC.
With this initiative, Eximbank of Russia and Sberbank start a new stage of cooperation, in which they intend to develop and test a special joint product for hi-tech product exporters.
According to preliminary data of Eximbank experts, the joint product of credit institutions will make it possible to provide additional financial support to more than 1000 exporting companies.
“We are constantly looking for opportunities to increase the availability of support for exporters. And, of course, we consider Sberbank as a reliable partner, a fintech leader. The agreement signed today is the result of six-month marketing research and the preparation of legal and technological structures and solutions that have determined the further path of launching an innovative product. So, to date, about 30 companies have expressed interest in introducing our solution into their business models. This speaks, first of all, of its high demand,” Azer Talibov.
“Today we have made an important step towards the creation of a joint product - the Export Finance Platform. It will become a unique proposal on the market to simplify and accelerate communication with clients from various segments on “post-/pre-” export contract financing, including with subsequent support and follow-up. The platform is aimed at new products for export financing and ensures that all transactions will be carried out in an electronic format. I believe that the results of the project will become relevant and highly sought by the entire Russian FEA market,” Anatoly Popov, Deputy Chairman of the Board of Sberbank.As part of the signed agreement, Eximbank of Russia and Sberbank agreed to cooperate in developing a technological and product partnership to create a universal scalable technology for supporting exporters using a digital platform-based partnership scheme with commercial banks. The partners intend to deliver financial support to exporters in digital format by uniting all participants of the segment on their platform.