NBB, Cork Information Technology join hands
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
The National Bank of Bahrain has partnered with Cork Information Technology to introduce a Supply Chain Finance solution for its Corporate and SME clients and their suppliers.
The agreement was held under the patronage of Zayed R. Alzayani, Minister of Industry and Commerce (MOIC) Chairman of the Council for the Development of SMEs, at MOIC’s headquarters with the attendance of NBB and Cork Information Technology representatives.
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. Zayed R. Alzayani, Bahrain Minister of Industry and Commerce, said: “Across the globe, we are witnessing the adoption of Fintech solutions as an enabler for Banking & Finance industry.
We are opening new growth opportunities for SME’s, especially in Bahrain that is ripe for digital transformation and keen to stay ahead in today’s digital and automation age.” Jean-Christophe Durand, CEO of NBB, said: “Our new product enables us to support the sector while also expanding our trade offerings to various clients.
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.”
Khalid Hussain AlMaskati, Chairman of Cork Information Technology, added: “We are confident that this partnership with National Bank of Bahrain (NBB) will help offer innovative supply chain finance solution to their clients in a digitally enhanced manner.”