HPD LendScape, a lending platform vendor, has partnered with Emirates Development Bank (EDB) to launch UAE’s National Supply Chain Finance (SCF) platform.
This gives UAE businesses improved access to working capital, particularly as they cope with the added pressures of the COVID-19 pandemic.
SCF solutions enable suppliers to gain quicker access to money they are owed, while buyers get more time to pay off their balances and the new platform will offer a simple, fast and transparent way for bank lenders to onboard both buyers and suppliers.
The initial phase of the project offering a payables finance solution has now gone live. The next phase is set to provide a comprehensive suite of buyer and supplier-centric SFC variations, including Islamic finance products.
Going live in 4 months, fully implemented remotely and hosted locally by EDB, the SCF platform is said to have extensive configurability to adapt to different regulatory environments and local market requirements.
This gives onboarded banks the ability to launch their own payables products variations and manage their custom buyer programmes. HPD will also help EDB set up a new Centre of Excellence that will provide expert support to local funders.
Bringing together buyers, suppliers and banks onto one platform, the National Supply Chain Finance solution helps simplify and automate operations, mitigate risk more effectively and make SME finance easily accessible – much needed in the UAE today.
The National Supply Chain Finance platform will be implemented by HPD LendScape’s dedicated product team, which oversees factoring, asset-based finance and SCF services for clients including; TradeWind in the UAE, along with FNB Finance Lebanon, Investbank of Jordan, QNB Alahli (Egypt), Attijariwafa Bank (Morocco), Société Générale Morocco, CIH Bank (Morocco), and Banque Populaire Morocco in the wider region.
Faisal Aqil Al Bastaki, Chief Executive Officer of EDB, said:
“With SMEs facing an unprecedented challenge, accessing efficient finance is vital. In our role as the UAE’s development bank, EDB is filling the gap and has launched a first class National Supply Chain Finance Platform, powered by one of the best names in the business, HPD LendScape.”
Kevin Day, CEO of HPD LendScape, said:
“We’re thrilled to work together with EDB on this landmark partnership. Going live in record time and fully implemented remotely, the project demonstrates the value of a truly collaborative approach, with ourselves, EDB and the IFC all working successfully together to ensure project success. Most importantly, the platform will provide improved access to finance for UAE businesses.”
Featured Image Credit: Emirates Development Bank (EDB)
