Lendscape, a leading international secured lending platform vendor, today announces it has partnered with Emirates Development Bank (EDB) to launch UAE’s National Supply Chain Finance (SCF) platform, giving UAE businesses improved access to working capital, particularly as they cope with the added pressures of the COVID-19 pandemic.
Kevin Day, CEO of 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.”
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.
Claudia Perri, Regional Commercial Director Southern EMEA for Lendscape, commented: “We are delighted to announce this new partnership with Emirates Development Bank and launch the National Supply Chain Finance platform. Through this platform, UAE banks and other lenders have the opportunity to help businesses optimise supply chains, improve working capital and streamline their operations - never more critical than during the pandemic.”
The next phase is set to provide a comprehensive suite of buyer and supplier centric SFC variations, including Islamic Finance products. 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.
Faisal Aqil Al Bastaki, Chief Executive Officer of EDB, said: “With SME’s 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, Lendscape. Such a sophisticated and digitally enhanced SCF platform is a crucial resource to any well-functioning economy; lenders and buyers should take advantage of it to ensure that SMEs continue to play their part in the UAE’s economic growth, long after Covid-19 has passed.”
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