We are proud to share that our member HPD LendScape has partnered with Emirates Development Bank (EDB) to launch UAE’s National Supply Chain Finance (SCF) platform. This initiative will offer UAE businesses improved access to working capital, particularly as they cope with the added pressures of the COVID-19 pandemic.
SCF solutions will enable suppliers to gain quicker access to money they are owed, while buyers will get more time to pay off their balances. 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 which offers a payables finance solution has now gone live. The next phase will provide a comprehensive suite of buyer and supplier centric SFC variations, including Islamic Finance products.
SCF has gone live in a record time frame of 4 months, it is fully implemented remotely and hosted locally by EDB. The National Supply Chain Finance platform is extensively configured to adapt to different regulatory environments and local market requirements, giving onboarded banks the ability to launch their own payables product variations and manage their custom buyer programs. HPD will also help EDB set up a new Centre of Excellence that will provide expert support to local funders.
The project is supported by the UAE Government and has been developed through a close collaboration between HPD LendScape, EDB, and the International Finance Corporation (IFC).
HPD LendScape is the world’s leading software vendor for secured lending, including supply chain finance, invoice discounting, factoring and asset finance deployed by over 130 lenders across the UK, EMEA, North America, and APAC. Their clients include: HSBC, Deutsche Bank, Bibby Financial Services, ABN-AMRO, Attijariwafa Bank, Investbank of Jordan, QNB Alahli (Egypt), Société Générale Morocco, CIH Bank, Tradewind, FNB Finance Lebanon, and Banque Populaire Morocco