Tungsten grows trade finance business

Tungsten Corporation said outstanding invoices at its trade finance business had grown to record levels.

The business, Tungsten Network Finance, had outstanding invoices worth £54.5m at December 31, an 89% increase from the previous reported peak of £28.8m in the period to October 31.

"This significant increase in utilization of Tungsten's trade financing solutions is driven by the changes we have undertaken to offer greater value to all our customers, and the convenience and security of transacting on our network," chief executive Richard Hurwitz said.