NBB launched its latest digital product offering that aims to bridge gaps between buyers and suppliers
The National Bank of Bahrain (NBB) has partnered with Cork Information Technology to introduce a supply chain finance solution for its corporate and SME (small and medium enterprise) clients and their suppliers.
Reiterating its commitment towards uplifting the SME sector in the kingdom, NBB launched its latest digital product offering that aims to bridge gaps between buyers and suppliers by providing a range of financing and risk mitigation solutions designed to optimise working capital.
The new solution will operate through Cork Information Technology’s Corklinc platform and will include a range of benefits for both parties. Suppliers will have the opportunity to avail prepayment of their invoices upon acceptance of invoices by the buyer, and will benefit from quick access to cash as well as an additional source of funding without consuming their credit limits.
Better payment terms
Additionally, buyers will be able to aid their suppliers with access to financing and can also help in securing better payment terms and discounts.
The agreement was signed under the patronage of Zayed R. Alzayani, Minister of Industry and Commerce (MoIC) Chairman of the Council for the Development of SMEs, at MoIC’s headquarters with the attendance of NBB and Cork Information Technology representatives.
Commenting on the occasion, Alzayani said: “Across the globe, we are witnessing the adoption of Fintech solutions as an enabler for Banking and Finance industry. We are opening new growth opportunities for SMEs, especially in Bahrain that is ripe for digital transformation and keen to stay ahead in today’s digital and automation age.”
Jean-Christophe Durand, CEO of NBB, said: “This is a testament to our commitment towards supporting businesses in the region with innovative solutions and we specifically focus on SMEs that play a vital role in driving economic growth. Our new product enables us to support the sector while also expanding our trade offerings to various clients. The platform promises to provide a seamless and efficient experience to both buyers and sellers as we continue to offer a range of digitally innovative products and services to meet our customers’ needs.”
Khalid Hussain AlMaskati, Chairman of Cork Information Technology, added: “Corklinc SCF Platform is designed in full cooperation with industry-leading banks, corporates, and other financial institutions. We are confident that this partnership with National Bank of Bahrain (NBB) will help offer innovative supply chain finance solution to their clients in a digitally enhanced manner.”
In line with its efforts to integrate ESG practices into the organisation, NBB continues to develop beneficial SME-centric products and services in order to enhance their businesses operations and promote economic recovery within the kingdom.
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