Global terminal operator DP World has signed a memorandum of understanding with global commerce platform PayPal to collaborate on a first-of-its-kind digital payments initiative designed to simplify and speed up cross-border trade.

Sultan Ahmed bin Sulayem, DP World chairman and CEO, said: “In logistics, speed and transparency mean everything and payments linked to logistics are no different, which is why we have undertaken our Digital Payments initiative. Our collaboration with PayPal is part of this initiative, which aims to provide our customers with reliable options for cross-border payments that are faster, and more transparent, than traditional systems without compromising security. By simplifying global transactions, we are enabling businesses of every size to grow, move faster, and operate more efficiently across markets.”

Alex Chriss, president and CEO of PayPal, said: “Global trade works best when payments are fast, transparent, and secure. That is exactly what this partnership with DP World is delivering. For too long, global businesses have been underserved by traditional cross-border payment systems. Today, we are setting a new standard.”