FinTech

Euro Exim Bank (EEB) is an international financial institution headquartered in St. Lucia in the West Indies. With a representative office in London, the bank holds a Class 'A' license. Euro Exim Bank is expanding operations with offices being established in Singapore, Chennai, and Dubai, positioned to capitalize on the continual growing trade between the Middle East and the Far East, and building sales resources in Africa and India, covering a further 18 countries. 

EEB provides the financial instruments for importers such as LC's and SBLC's. The institution also offers Bank Guarantees for contractors and to those who need guarantees on tenders. EEB is authorized to issue appropriate instruments, as well as Performance Bonds. Furthermore, the bank has Online Bank Accounts with 24/7 availability, accessible globally as corporate or personal savings accounts, and Merchant Accounts for international buyers and sellers using any card, with low rates, safe and secure transactions. 

EEB has implemented new payments technology through participation with RippleNet. By using xCurrent, payments can be tracked in real-time without multiple routing or complex traditional correspondent bank relationships. With ODL (On-Demand Liquidity) services, clients benefit from unlimited low-cost access to liquidity using the XRP digital asset as the underlying currency for settlement. 

Journey to Make Trade Finance Possible 

EEB was initially established as a small payment institution. However, with so many competitive offerings, operating margins were lean in payments markets where volume did not follow. The bank saw a gap in the market facilitating global trade, through issuance and relay of trade finance instruments, namely Letters of Credit, Standby Letters of Credit, Performance Bonds, and Bank Guarantees. 

EEB deals exclusively with registered corporate firms, with clients in China, India, UAE, Malaysia, Africa, and the Far East, importing goods from all over the globe. Whilst many major banks are withdrawing from the market through de-risking and international trade policy due to complexity, fraud, and legal action, the market is still strong. EEB works with smaller SME's and corporate firms needing to transact trade instruments supporting import business. 

A Cherished Leader 

Kaushik Punjani is the CEO of Euro Exim Bank. He graduated with a degree in Chemistry before pursuing a career in accountancy, manufacturing, global product distribution, and later into the financial industry, as Director and Beneficial Owner of EEB. 

Kaushik's experience covers online payments systems, confirmations, and reconciliation. He has served different roles, such as management and delivery of financial solutions in the UK and international businesses at all levels. Kaushik actively participates in various conferences and is a leading fundraiser for international charities, running concerts, raising awareness and funds for projects in St. Lucia, Zimbabwe, India and the UK. 

Offering Innovative Business Niche Using Technology  

EEB is a prime user of applications for trade, offering financial services with highly integrated technology. It has developed its own specific platform that handles the entire trade life-cycle, completely parameter-driven and designed for its unique business. This ensures that all client interactions are fully recorded, accounted and streamlined, underpinned by blockchain and AI technologies, allowing smooth, frictionless navigation through the customer journey. 

Simplifying Payment Processes to Enable Flexibility in Trade 

As part of EEB's 'future-ready' system capabilities, its internal Simplex trade platform incorporates DLT/Blockchain technology with payment APIs. This provides the bank with more automated, digitized, and integrated processes covering identity assurance, real-time company data access, PEP and sanction lists with the benefits of full compliance and due diligence. 

When this is combined with EEB's account facilities and merchant account payment products, it gives importers a means to pay in other currencies rapidly with a variety of funding options 24/7. 

Business Philosophy and Partnerships to Make a Difference 

According to Kaushik, EEB's differentiators include trust, leadership, experience, personal relationships, country expertise, speed of response, cost-effective instruments, and above all continuous contact and information sharing. The bank's clients want to see people and build relationships. They appreciate speaking with named staff and meeting locally, which in turn, helps maintain credibility and business growth. Additionally, as EEB has a partnership with Ripple, customers can find an innovative, cost-effective, client-driven organisation, with long-term sustainability and ambition. 

Standing Strong Over Complexities 

For EEB, initial challenges were the proliferation of paper, integrated workflow systems handling diverse documents reflecting the variety of goods and sanctions, and the increasing role of compliance and legal in due diligence. The burden of AML, KYC sanctions and PEP checking, clean data capture, and full understanding of the complex trade ecosystem with all its players, processes, timings and expectations also were critical challenges for the bank. 

Kaushik points out that, like other companies, sustaining a business is a crucial challenge for EEB, especially with reduced staff, requiring it to work smarter, be more aware and act efficiently to combat increased competition. There are more regulatory compliance and due diligence demands, growing trade tariffs, protectionist policies, and wildly fluctuating FX rates and costs for procurement of fiat currency. EEB also witnesses greater market and supply chain complexity, lack of trust and deficiency of liquidity, especially in emerging markets. 

To address these challenges, EEB has found solutions through partnerships, working with local agents, collaborating with Ripple for real-time payments and liquidity, extending IT, and using blockchain and AI as an integral part of its compliance and legal programs.  

Today, EEB is well-positioned to tackle change and minimize the effects and demands from ever-present external forces, fighting cybercrime, understanding and reacting to ever-changing new regulations, governance and compliance. 

 

Distinguished Honors and Achievements  

EEB has been recognized for several major industry awards, including the Global Trade Review (GTR) "Best Technology Collaboration" award for work with Ripple, building on early adoption of RippleNet services, namely blockchain-enabled real-time seamless payments. 

EEB has also been named as one of the "50 Most Trusted companies", "Most Innovative Companies of the Year," and "10 Most influential Companies of the Year". In addition to this, the bank is recognized as the 'Best Trade Finance Bank' award for the third year by CFi. With such accolades, EEB expects to continue to earn further awards in the year ahead. 

Envisioning the Future  

Kaushik accentuates that Euro Exim Bank's business has grown from a few trades of limited size to be a major player in the international market. The bank sees consistent growing volumes and trade values, servicing more clients from many more countries. Whilst the impact of Covid-19 may force competitors to step out of different markets, the bank believes RippleNet's real-time settlement and on-demand liquidity capabilities driven by blockchain technology continues to build its value proposition and its ability to look at more innovative long-term business opportunities. 

Today, EEB's brand is recognized internationally and it retains its leading position in conferences and publications in providing thought leadership, valued analysis and access to experienced professionals.