National Bank of Fujairah (NBF), one of the leading banks in the UAE trade finance landscape, has entered into a partnership with London-based trade finance platform Finverity in order to grow supply chain finance (SCF) and account receivables (AR) finance volumes in the MENA region.
Under the partnership, Finverity provides a curated origination pipeline, deal structuring, and an end-to-end technology platform for ongoing operations and reporting, with NBF underwriting and funding SCF and AR assets on Finverity’s marketplace.
According to the statement, “The partnership has started with Redington Gulf, which will position the service to reach the maximum number of IT resellers in the UAE.”
NBF’s first area of focus in the partnership is on funding IT channel partners through Redington in the UAE, as it simultaneously expands into funding several other programs on Finverity’s platform.
Mr. Venkiteswaran Ramasubhramoni, Head of Equipment and Technology Finance at the National Bank of Fujairah, said that, “Access to pre-analyzed and pre-negotiated deals on Finverity’s marketplace provides NBF with an effective way to fund a diversified pool of SCF & AR transactions, shorten credit approval cycles and scale our books efficiently. In parallel, Finverity’s technology platform facilitates our total digital offering, ensuring more transparency of the underlying assets being funded, as well as a better user experience.”
Mr. Alex Collingwood, Head of Origination & Corporate Relations at Finverity, noted that, “Developing flexible and effective working capital solutions enabled by the best-in-class technology is what sets Finverity apart. Quite often, a bank’s product range will not exactly meet the specific requirements of a corporate seeking an SCF or an AR program, and even when it does, it can take a long time to execute.”
“The partnership with Finverity will provide our channel partners with additional working capital to address the rising demand for technology in the United Arab Emirates. I have no doubt that the Finverity solution will help our channel partners scale their businesses further,” commented Mr. Viswanath Pallasena, Chief Executive Officer of Redington Gulf.