Let’s Make a Trade Enabling Global Trade for SME’s
Greetings everyone. Noteworthy items in this update include:
- OCEAN signs US$2.6M contract with InMerc Group for cooking oil supply chain distribution.
- First half 2022 revenues have reached approximately US $4 million, the highest level ever.
- We entered final discussions for the creation of an exclusive offshore development center in Vietnam and India.
*Please note that Revenue numbers for all the above periods have been updated to reflect OCEAN’s transition to calendar year reporting [Jan.- Dec.] Revenues shown are the Value of Invoices
PRODUCT DEVELOPMENT CONTINUES
Ocean entered final discussions for the creation of an exclusive offshore development center in Vietnam and India.
Development work also continues on the OCEAN platform including:
• Onboarding portals for customers (both for SMEs and Suppliers)
• Workflow engine for an easy and smooth onboarding and process flow
• Integration with Xero for automatic pull up of SME financial documents
• Preparation of credit scoring bundle and auto sharing with credit scoring and insurance agencies
OCEAN SIGNS US$ 2.6 MILLION COOKING OIL CONTRACT
OCEAN has signed a US$ 2.6 million supply chain contract with the InMerc Group for cooking and base oils. The company is a large, privately held trading company supplying commodities in and around the Middle East. InMerc supplies a variety of retailers, wholesalers distributors and end users with products sourced globally. They have been handling the import and distribution of items throughout their 20-year trading history.
HOW OCEAN PARTNERS WITH SMALL AND MEDIUM SIZED ENTERPRISES
SCENARIO: You’re a medium sized importer and a foreign supplier calls to offer a much sought after product for your inventory.
But you have no cash to deploy so the supplier fills the order with a larger, multinational competitor.
- Flexibility: In these cases, OCEAN can bridge the gap quickly. Payments are made to the supplier in their local currency plus a repayment schedule is customized to meet SME’s needs.
- Convenience: Trade financing requires very little documentation. Setting up a trade finance account for the SME is significantly faster and easier than applying for a bank loan.
- Security: Making transactions with foreign companies may be outside your usual scope. Both you and your client will have the peace of mind of working with a reputable and experienced trading partner like OCEAN.
- Transaction Flow: Funds are available to the SME almost immediately, which means it can improve transaction flow. The trade financing credit may also be maintained on the SME’s books as working capital, not as debt.
WE ARE HIRING
Ocean Product Manager
This candidate should have demonstrable experience in Fintech product management, including a proven-track record of developing and delivering world class financial technology products. You will own the products entirely – customer discovery, user testing, implementation, iterations and be responsible for their success in terms of adoption, engagement, and monetization.
Vishal H. Kewalramani
PS: Feel free to drop any time in my calendar here to catch up.