London – 4 March 2020 – Trade finance provider Stenn has joined ITFA, the International Trade and Forfaiting Association. ITFA, previously known as International Forfaiting Association, is the worldwide trade association for companies, financial institutions, and intermediaries engaged in trade and forfaiting.
Stenn will also be part of the Trade Finance Distribution Initiative (TFDI), an ITFA working group with the ambition to modernize and standardise Trade Finance to efficiently include non-bank trade finance investors.
Greg Karpovsky, Founder and Executive Chairman of Stenn, commented: “We are pleased to join ITFA and its Trade Finance Distribution Initiative. Trade finance is transforming from a bank-only solution and with our leadership as an alternative provider of cross-border financing, we are gratified that Stenn is included along with the world’s largest trade finance banks in this industry-wide collaboration.”
Erik Timmermans, Director Global Partnerships Financial Institutions at Stenn, commented: “ITFA is not only the leading industry organization for traditional trade finance but has also become the place to follow technology innovations impacting the trade finance and risk distribution spaces. As innovator in open account trade finance, membership of ITFA was a logical decision for Stenn.”
Sean Edwards, Chair, ITFA; Head of Legal and Special Adviser Trade Finance at SMBC Europe, commented: “We welcome Stenn to ITFA. Alternative financiers such as Stenn are representative of a major market trend in trade finance. Acting as specialist originators, those non-bank financial institutions contribute to filling the trade finance gap by extending working capital to mid-caps and SMEs. This is a growth area for our 300+ member community and we are committed to helping them by sharing our expertise in regulatory, legal, and technology developments as well as integrating them into our network of originators, tech providers, and investors in the new but growing trade finance asset class.”
Stenn International Ltd. is a UK-based, non-bank trade finance provider specialising in cross-border trade. Stenn’s trade finance solutions deliver working capital liquidity to exporters, importers, and intermediaries in global supply chains. Innovative practices allow Stenn to finance in sectors and geographic regions currently underserved in global trade. The company operates globally with offices in Buenos Aires, Los Angeles, New York, Miami, London, Amsterdam, Brussels, Dusseldorf, Berlin, Mumbai, Singapore, Hong Kong, Guangzhou, Hangzhou, Shanghai, and Qingdao. Learn more at https://stenn.com or follow us on Twitter, LinkedIn and Facebook.
The International Trade & Forfaiting Association, ITFA, is the global market association for financial institutions, credit insurers and brokers, law firms and consultants, non-bank trade originators, institutional investors, and asset managers as well as technology providers engaged in trade finance and risk / asset distribution. Founded in 1999 and with more than 300 members, the ITFA aims to foster business relationships and to continuously improve governance and best practice by shaping rules, laws, and documentation that affect its members and the trade finance industry. Learn more at https://itfa.org.
Media Contact for Stenn International Ltd.
Ryan Sketchley | Rachel Harrison – Frank Public Relations
+44 (0)20 7693 6999