Euro Exim Bank (EEB) is headquartered in St. Lucia and has a representative office in London. The company specialises in “connecting corporate buyers and sellers, enabling businesses to economically and efficiently export and import goods and services.”
The world renowned financial institution holds a “Class A” international banking licence from the Financial Services Regulatory Authority of St. Lucia and is an associate member of the Caribbean Association of Banks Inc., affording it global reach and authorisation.
EEB differentiates itself through the cost-effectiveness of its products, specialisations and its qualified, expert staff.
The state of trade
Trade finance is at the core of EEB’s portfolio of products and services, and speed, reliability and security continue to be at the crux of EEBs trade finance offering. A key player in international trade – EEB was founded in 2011 – and aims to speed up its clients import & export business transactions and connect customers to new opportunities.
It has earned an envied reputation for its comprehensive compliance policies, with approximately 40% of staff specialised in Anti-Money Laundering and Know Your Customer processes. Furthermore, its trade-tailored solutions and strong due diligence is unequalled. Coupled with the company’s competitive rates, EEB is a trusted partner that helps businesses extend their footprint by tapping into lucrative new markets.
With years of experience in trade and an ability to rapidly generate instruments drafts, complete complex KYC processes and send instructions for clients, EEB allows buyers and sellers across borders to transact with ease and confidence, facilitating global trade in an interconnected world. The bank has had an exciting 2019, serving corporate clients and import businesses, while facilitating issuance and relay of authenticated trade finance instructions.
Amidst tightening regulations and increased compliance requirements in the financial sector, EEB maintains an undisputed quality of services for its clients, and through 2020 plans to open up new offices in Asia with other regions to follow.
Fintech has become highly visible and with digital banking, electronic wallets, crytpocurrencies and other innovative financial solutions, technology is levelling the playing field across the world. EEB is globally recognised and received the 2018 and the 2019 Best Global Trade Services Bank Award, not least due to its long term relationships with its clients. These established networks support ongoing business, and are sustained by EEB’s cutting-edge technology platform, accessibility and participation with payments technology leader, Ripple.
EEB partnered with Ripple; a blockchain based financial settlement system that is reliable, secure, cost efficient and fast. This strategic partnership strengthens EEB’s compliance process and ramps-up speed and efficiency. Deploying the latest technology ensures uninterrupted payment processing and issuance of trade finance instruments from a single point within a shorter period of time.
Using the xCurrent system for payments and having recently accomplished the fastest implementation of xRapid, which uses Ripple XRP cryptocurrency as the key element in real-time settlement processes, EEB enables institutions to instantly communicate and settle cross-border payments with end-to-end visibility and tracking.
As the first regulated bank to join the Ripple network, EEB provides friction free trade solutions to allow money to move instantly. To further assist its customers, EEB recently launched Euro Exim Bank Smart Banking applications, available in Google Play Store and Apple App Store. EEBs innovative platform helps breakdown barriers and create a more equitable environment for global payments. By taking advantage of new technology the bank is central to the digital revolution in international payments.
EEB facilitates small and medium enterprises in emerging markets to access the global market place through easily available financial services. For example, by utilising letters of credit, a payment mechanism that is used for international trade settlements, providing an economic guarantee to the exporter of goods and settling trade transactions via RippleNet, EEB is a highly valuable institution for emerging markets. Advantages include increased accessibility, reduced transaction costs, an established payment ecosystem and a holistic payments process.
There are many countries with growing economies, especially in Africa that are ready, willing and able to trade successfully and securely, and these countries require financial instruments to facilitate bilateral trade. Also, areas where major banks are withdrawing their services are key locations for EEB.
In terms of global trade, the emergence of cryptocurrencies has the potential to empower emerging markets and allow them to rise above economic challenges and thrive, and EEB is becoming recognised as the ‘go to’ industry leader in trade finance.
In countries where corruption, confidence and risk of non-recoverable losses prompt global businesses to actively avoid conducting trade, building trust and Free Trade Agreements (FTA) are just two of the tools that can help rectify such issues.
However, with more than 400 regional trade agreements, governmental self-interest, diverse political influence and a surge in regional nationalism continuing to challenge the trade landscape, EEB facilitates global trade and works with trusted suppliers providing services in the most economic, compliant and equitable way.
New trade corridors will open up to assist trade flows with disintermediated countries, help them out of poverty and allow them to become competitive in global markets. Simultaneously, SMEs are going global at a faster rate than ever before and facing new challenges when entering the international arena, and EEB is the prime choice to supports them to stay on top of their game.