Emirates Development Bank (EDB) has signed a Memorandum of Understanding (MoU) to create supply chain finance and working capital solutions for SMEs in collaboration with Trade Capital Partners (TCP).
This partnership was facilitated by Hub71, Abu Dhabi’s global tech ecosystem, as part of its efforts to support startups with commercial opportunities through its network of leading corporate and government partners in the UAE.
Emirates Development Bank is a key financial engine for the economic development and industrial advancement of the UAE.
The MoU will see the creation of a working group to discuss new ways of delivering supply chain financing to small and medium enterprises in the UAE. Supply chain finance reduces the risk of supply chain disruption and enables both buyers and suppliers to optimize their working capital.
“We are constantly looking at new and innovative ways to support SMEs, which contribute more than 60 percent of the UAE’s non-oil GDP. Under this MoU, we will leverage our expertise combined with TCP’s platform to jointly bring more financing solutions to a wider range of businesses. This reflects our value of excelling through partnerships and will further support the growth of SMEs and promote innovation in UAE.”
Mr. Bill Crawley, Founder & COO of TCP, said that, “SMEs are the driving force of an economy, and start-ups are the future drivers. In line with other government initiatives to grow and drive these sectors, this partnership will provide significant support to this ecosystem and provide trade finance alternatives to growing businesses.
“Leveraging state-of-the-art technology and processes, TCP will revolutionize the landscape of trade finance, empowering entrepreneurs, SME’s and startups to unleash their potential and thrive in the domestic and global marketplace,” Mr. Crawley added.