Tag: Trade

Legion Trade Finance goes bust

Alternative Lending

Legion Trade Finance – a trade finance provider – has gone into administration.

Legion Trade Finance provided facilities to UK companies in order to allow them to purchase goods from suppliers around the world. These facilities started at £100k in size, with no upper limit. The company appointed Begbies Traynor as administrators on 9 June 2016, according to a Companies House filing. The company’s LinkedIn page suggests that it had 11-50 employees. Legion was not a peer-to-peer lender, in that it was not open to retail investors. 

When SME lending specialist GLI Finance launched its closed end fund – GLI Alternative Finance – in September 2015, Legion represented the second largest exposure within what was initially a £40.27m portfolio. The fund had £5.1m invested through the trade finance provider. That exposure was topped only by the £14.6m that was invested through FundingKnight – which also appointed administrators in

Read More

Envoy scores $13m to scale up blockchain trade finance platform


Blockchain-based supply chain and trade finance startup Envoy Group is looking to expand beyond Latin America after securing a $13 million investment from Alcedo Digital Ventures.

Built on R3’s Corda platform, Envoy is promising to accelerates the $17 trillion annual global trade flows in to the digital age by reducing inefficiencies and injecting liquidity.

The platform is designed to integrate seamlessly with legacy data systems and all third party blockchains, enabling buyers and sellers to manage global trade logistics and to find new funding sources supported as result of trust.

This “trustless” nature of smart contracts built on blockchain technologies are perfectly suited to automate many of the core workflows of global trade, says the firm, as well as using the stellar based NVOY token for instant tokenised cross border payments.

Envoy says it is already onboarding clients in Latin America and, with the new funding in place, is

Read More

International Islamic Trade Finance Corporation (ITFC) / Press release


JEDDAH, Kingdom of Saudi Arabia, April 6, 2020/APO Group/ —

Societies and economies are being affected by the unprecedented and unpredictable nature of the COVID-19 pandemic. These include a major shift in global trade routes, changes in consumption and extraordinary levels of monetary easing and stimulus packages at a scale never experienced before. The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) is moving quickly to consolidate efforts to mitigate the socio-economic risks that the virus poses to all our stakeholders in member countries of the Organization of Islamic Cooperation (OIC).

As we assess how COVID-19 affects the work we do and the impact on member countries, ITFC is engaging closely with government stakeholders, partners, businesses and the financial institutions we work with. That dialogue enables us to respond in a coordinated manner to soften the economic fallout. This is in addition to practical measures that have already been taken.

ITFC

Read More