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October 30, 2019updated 08 Nov 2019 12:12pm

Fineon Exchange appoints Aon as credit broker and advisor

By Athena Chrysanthou

Marketplace platform Fineon Exchange has appointed Aon Credit Solutions as credit broker and advisor for their recently launched export finance platform.

The initiative includes a strategic collaboration with Aon to offer enhanced automated delivery of credit solutions.

Adding Aon’s credit insurance expertise enables exporters, banks and non-bank funders to access bespoke credit insurance solutions.

This will help mitigate risk and facilitate the financing of cross-border trade, championing the industry wide initiative to promote merging insurance, finance and technology.

Fineon’s online export finance platform uses artificial intelligence and machine learning to efficiently match exporters with the right funders and credit insurers.

The trade credit insurance offering will facilitate exporters to expand to new markets and access new sources of export finance and securely execute cross border trade.

Managing partner at Fineon Exchange Michel Kilzi said: “Credit insurance is a strategic component within our Export Finance Platform as it provides both risk mitigation for Exporters and capital relief for funders, thereby enabling us to produce blended optimised export finance solutions for our European Exporter client base.

He added: “In Aon we have chosen the market leading credit insurance broker with a wealth of industry expertise and know-how that can help develop our mutual businesses and grow market share through our fintech platform.”

Via the Fineon platform, Aon will be able to offer clients a trade finance experience benefiting from cost of funds optimisation, efficient cash flow generation and risk mitigation.

Chief executive at Aon credit solutions, Stuart Lawson: “The convergence between insurance and funding is becoming more apparent and is increasingly the direction of travel for our business. More than 50% of our new business inquiries are linked to a financing motivation and objective. Our collaboration with Fineon Exchange fits perfectly with this trend.

He added: “Through the Fineon platform we will see the further coming together of credit insurance and funding. He added “We encourage this and are ready to respond to the credit insurance needs of the banks/funders and exporters via the platform.”

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