MANAMA: National Bank of Bahrain (NBB) will now partner with Cork Information Technology to launch supply chain finance solutions for its corporate, small to medium enterprises (SMEs) and their suppliers.
The agreement was held under the patronage of Industry and Commerce Minister and Council for the Development of SMEs chairman Zayed Alzayani at the ministry’s headquarters in the Bahrain Financial Harbour.
Present were senior representatives from the NBB and Cork Information Technology.
Reiterating its commitment towards uplifting the SME sector in Bahrain, 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. Additionally, buyers will be able to aid their suppliers with access to financing and can also help in securing better payment terms and discounts.
Mr 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.”
NBB chief executive Jean-Christophe Durand said: “We are pleased to partner with Cork Information Technology in launching our new supply chain finance solution as a testament to our commitment towards supporting businesses in the region with innovative solutions.
“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,” he added.
“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.”
Cork Information Technology chairman Khalid Al Maskati said: “We are excited to support NBB as it accelerates business growth through innovative products and enhanced experiences.
“Corklinc SCF Platform is designed in full co-operation with industry-leading banks, corporates, and other financial institutions.
“We are confident that this partnership with NBB will help offer innovative supply chain finance solution to their clients in a digitally enhanced manner.”
In line with its efforts to integrate environmental, social, and governance (ESG) practices into the organisation, NBB continues to develop beneficial SME-centric products and services in order to enhance their business operations and promote economic recovery in the country.
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