City Bank has signed a Memor-andum of Unders-tanding (MoU) with PrimaDollar to facilitate the exporters of the bank involved in foreign trade on deferred sales contract terms.
PrimaDollar is a global trade financier, founded in 2015 and headquartered in the UK. At present, they have 12 offices across the globe, said a press release.City Bank, in collaboration with PrimaDollar will launch fintech based factoring solution to the exporters which is first time in Bangladesh, through which the exporters should be able to receive the payment of their deferred exports on sight basis. Under the agreement, City bank will be able to provide a comprehensive solution to the exporters with the help of the PrimaDollar’s real-time communication, global underwriting and leading edge online platform.
Sheikh Mohammad Maroof, Additional Managing Director, and Munawar Uddin, Country Lead Bangladesh of PrimaDollar signed the agreement of behalf of their respective organisations.
Other senior officials from both the organisations were present at the ceremony.