BNY Mellon partners with ADB
BNY Mellon has announced it has become a partner bank in the Asian Development Bank’s (ADB) Trade Finance Program (TFP), a move that is expected to help BNY grow in Asian trade services by facilitating support to a wider range of customers, including small and medium-sized enterprises (SMEs).
TFP was designed to enable companies in Asia to engage in import and export activities through the provision of loans and guarantees by ADB’s partner banks.
According to BNY, over half of its trade financing was facilitated within Asia while the ADB’s work in Asia helped to “alleviate US$692 billion worth of unmet trade financing demand”.
BNY Mellon’s head of trade product and portfolio management, Joon Kim, said: “Given the increasing importance of providing trade finance support, our signing the TFP agreement and cementing of our partnership with ADB gives us an additional trade finance channel and capacity through which to assist our correspondent banks and their respective trade clients.
“We look forward to utilising the program actively.”
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