NBB, Cork Information Technology unite to launch financing solution for SMEs

By Arya M Nair, Intern Reporter
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The National Bank of Bahrain (NBB) has partnered with Cork Information Technology (CIT), a one-stop digital transformation solution provider, to introduce a supply chain finance solution for its corporate and Small and Medium Enterprises (SMEs) clients and their suppliers.

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 optimize working capital, reiterating its commitment towards uplifting the SME sector in the kingdom.

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.

Jean-Christophe Durand
Jean-Christophe Durand

“This is a testament to our commitment towards supporting businesses in the region with innovative solutions and we specifically focus on SMEs that play a vital role in driving economic growth. 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.”

The agreement was signed under the patronage of HE Zayed R. Alzayani, Bahraini 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.

Mr. Khalid Hussain AlMaskati, Chairman of Cork Information Technology, stated that “Corklinc SCF Platform is designed in full cooperation with industry-leading banks, corporates, and other financial institutions. We are confident that this partnership with NBB will help offer innovative supply chain finance solutions to their clients in a digitally enhanced manner.”

Related: Bahrain’s NBB joins the United Nations Global Compact initiative