Dubai government-owned financial institution Emirates NBD has integrated Middle East’s grocery retailer and food distributor T. Choithram & Sons to pilot the bank’s smartSCF digital Supply Chain Financing platform.
Emirates NBD’s state-of-the-art platform, smartSCF was designed to fulfill the increasing need for digitization of supply chain management and financing, which has become one of the key priorities for corporate clients across industries.
Choithram will be enabled to digitize its payable process across the region with Emirates NBD’s platform. The retailer could benefit from the improved cash flow as well as working capital efficiencies and its huge supplier base will also get the advantage from early payment of their invoices without the need for collateral and at competitive rates.
Through the platform’s digital supplier onboarding toolkit Choithram’s suppliers can use the first-of-its-kind service in the region which helps to self-onboard and it could significantly increase operational efficiencies at both ends of the process.
Additionally, smartSCF’s enhanced data analytics tools such as interactive dashboards and custom reports will help Choithram to gain visibility across the supply chain process, from supplier onboarding to payment and reconciliation as well as cash flows.
“We are delighted to onboard Choithrams to our digital supply chain platform that will help increase operational efficiencies for their retail operations and their suppliers while optimizing their working capital. The smartSCF provides ecosystem financing by infusing liquidity in the physical supply chain of UAE corporates. Developed to meet the growing need for more integrated and automated tools, smartSCF is one of the few Supply Chain platforms that offers simplified digital onboarding making it easier for corporate buyers to extend the facility to a large number of suppliers.”
Abhishek Mundra, Chief Financial Officer at T. Choithram & Sons, added “The past year, in particular, has greatly driven us to look at ways to optimize operational and working capital efficiencies, while continuing to scale our business and supplier base. We are excited to make the move to digitize our supply chain finance processes and look forward to reaping the many potential benefits of such enhanced visibility.”