DP World, a logistics provider, and JP Morgan, a bank, have announced a strategic partnership aimed at easing access to working capital in emerging markets.

The partnership will target the estimated $2.5 trillion global trade finance gap, which disproportionately impacts small and medium-sized enterprises (SMEs) in developing economies.

The first transaction under the new partnership supported the sourcing of cocoa from Côte d’Ivoire by a global food company. By applying a joint risk-sharing model, the deal enabled over $70 million in annual procurement, capital that might otherwise have been inaccessible under traditional financing arrangements. 

Both organisations confirmed that the model is already being evaluated for expansion into other regions, including Central Asia and Sub-Saharan Africa, where fragmented financial infrastructure continues to limit trade participation.

James Fraser, Global Head of Trade & Working Capital at JP Morgan, said, “Our collaboration with DP World Trade Finance allows us to offer financing solutions that provide working capital to businesses while mitigating risk.”

Global trade remains an uneven playing field. While multinational corporations generally have access to diversified credit lines, SMEs often lack the collateral, history, or documentation to secure finance, particularly in frontier and developing economies. 

According to the International Chamber of Commerce, roughly 40% of trade finance applications from SMEs are rejected, compared to just 7% for multinationals.

As supply chain resilience and financial inclusion rise on the global policy agenda, this type of public-private hybrid model could play a central role in reshaping trade finance. DP World’s recent investment announcements (including new river-sea routes in Southeast Asia and multibillion-dollar infrastructure projects in Latin America and the Caribbean) suggest that the firm is doubling down on its integrated trade logistics strategy.

Whether this collaboration ultimately proves transformative will depend on its ability to replicate results across geographies. However, in a landscape where most solutions stall at the proof-of-concept phase, this model presents a rare example of early commercial traction in a market segment that needs it most.