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COVID-19 swept the world in 2020, many countries take some regulatory measures, some clients meet finance flow problems. In early May, our south Asian clients, MBC, closed factory as government social isolation requirement, what raised a series of finance problem, cargo stranded in port and other potential big loss. Easthony contacted MBC at the first time, set up a special group with QRCB & SINOSURE to assist. After fully background investigation, we learned that MBC own a certain market share and good credit in the local bank, but do face a financial shortage because of the COVID-19. Therefore, we proposed a comprehensive solution of AVALISATION CREDIT + COMMERCIAL INSURANCE with supporting of QRCB & SINOSURE.
It’s the first AVALISATION CREDIT business for QRCB, and no RMA agreements between QRCB and client’s bank. In order to reduce the risk, we suggested QRCB to complete the operation with MT499 instead of MT999. With the great cooperation of QRCB headquarters, International business department and Laoshan branch bank, RMA agreement is set up and finished the first AVALISATION CREDIT business successfully.
AVALISATION CREDIT can guarantee the payment for the supplier, also offer a long time finance credit for the client. The solution has been highly recognized by our client MBC. With this credit found, they cleared all stranded cargo, avoided a certain potential loss. After the epidemic situation turns better, MBC resumed production quickly and has made a new supplying contract with Easthony in July, 2020.
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