HPD LendScape, an international secured lending platform vendor, partnered with Emirates Development Bank to launch UAE’s National Supply Chain Finance platform (SCF), providing UAE businesses access to working capital as they cope with pressures of the COVID-19 pandemic.
SCF solutions enable quicker access to money suppliers are owed, while buyers receive more time to pay off their balances. The new platform will offer a way for bank lenders to onboard both buyers and suppliers.
The initial phase of the project offers a payables finance solution and is now live. The next phase is to provide a suite of buyer and supplier centric SFC variations, including Islamic finance products.
“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,” Claudia Perri, regional commercial director of southern EMEA for HPD LendScape, 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, HPD 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,” Faisal Aqil Al Bastaki, CEO of EDB, 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,” Kevin Day, CEO of HPD LendScape, said.
Editor’s note: The original version of this article incorrectly referred to HPD LendScape as HDP LendScape in one mention. The error has been corrected. ABF Journal apologizes for the error.