BNY Mellon has signed an agreement to become a partner bank in the Asian Development Bank’s (ADB) Trade Finance Program (TFP).
The TFP will enable BNY Mellon to offer additional support to more customers, including small and medium-sized enterprises (SMEs) and allow the company to further its growth in Asian trade.
Commenting on the agreement, BNY Mellon’s head of trade business development for treasury services, Dominic Broom, said: “The ADB’s extensive work within Asia has provided immense opportunity for SMEs within the region, helping to alleviate Asia’s US$692 billion worth of unmet trade financing demand.
“Over half of our trade financing is facilitated within Asia, and we’re thrilled to further contribute to Asia’s economic growth through the TFP.”
ADB’s head of trade finance, Steve Beck, added that trade finance was a “critical component” to economic growth in Asia, particularly for SMEs.
“To further support interregional and global trade through our Trade Finance Program, it is imperative to partner with global leading banks like BNY Mellon to increase trade and trade finance in Asia," Mr Beck said.
“As one of the world’s most respected trade finance banks, we very much welcome this partnership with BNY Mellon.”
The partnership was inked via a signing ceremony last 18 October 2017.