{"id":10401,"date":"2022-10-10T09:01:55","date_gmt":"2022-10-10T09:01:55","guid":{"rendered":"https:\/\/nbfislamic.ae\/sca-launches-e-service-for-unclaimed-dividends-through-fab-2\/"},"modified":"2025-02-17T10:01:51","modified_gmt":"2025-02-17T10:01:51","slug":"national-bank-of-fujairah-partners-with-finverity","status":"publish","type":"post","link":"https:\/\/nbfislamic.ae\/ar\/national-bank-of-fujairah-partners-with-finverity\/","title":{"rendered":"National Bank of Fujairah partners with Finverity"},"content":{"rendered":"
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The first partner in the region is Redington Gulf, the largest technology distributor in the Middle East and Africa.<\/p>\n<\/div>\n

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Finverity<\/a>, trade finance platform enabling ecosystem development in emerging markets, and \u00a0National Bank of Fujairah (NBF)<\/a>,one of the leading banks in the UAE trade finance landscape, today announced the launch of a partnership to grow supply chain finance (SCF) and account receivables (AR) finance volumes in the MENA region. The partnership has started with Redington Gulf, which will position the service to reach the maximum number of IT resellers in the UAE.<\/p>\n

Under the partnership, Finverity provides a curated origination pipeline, deal structuring and an end-to-end technology platform for on-going operations and reporting, withNBF underwriting and funding SCF and AR assets on Finverity\u2019s marketplace. The partnership clearly recognizes the key role that Finverity\u2019s platform plays in providing client-centric solutions that channel capital to eligible corporates, enabling them to access trade financing more effectively.<\/p>\n

The MENA region, and in particular Dubai, are benefiting from their growing importance as both global trade and financial hubs, as a result of increased investment in supply chain finance. MENA economic growth is forecast to accelerate to 5.3% in 2022, according to the World Bank, with GCC economies forecast to grow by 5.9% in 2022, 1.2 percentage points higher than forecast at the start of the year.<\/p>\n

Venkiteswaran (Venki) Ramasubhramoni,<\/strong> Head of Equipment and Technology Finance at National Bank of Fujairah, said:<\/strong><\/p>\n

\u201cAs a key lender in the technology finance space, NBF has chosen to partner with Finverity as its fintech partner to offer supply chain finance solutions. Given the\u00a0strategic match, with both parties focused on IT-related trade, we see wider possibilities in this collaboration and the value it could bring. Access to pre-analysed and pre-negotiated deals on Finverity\u2019s 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\u2019s technology platform facilitates our total digital offering, ensuring more transparency of the underlying assets being funded, as well as a better user experience.\u201d<\/p>\n

NBF\u2019s 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 programmes on Finverity\u2019s platform.<\/p>\n

Redington was an obvious partner for Finverity due to its broad network of IT channel partners. The collaboration with Redington will make it easier for IT channel partners to secure longer payment terms and access to additional working capital, all managed through Finverity\u2019s digital platform.<\/p>\n

As a result, Redington\u2019s channel partners can now benefit from an easy-to-use process to pre-pay their invoices as part of their normal trading relationship. This embedded financing means they profit from extended payment terms to comfortably turn stock into cash, as well as additional working capital to purchase more stock from Redington to meet growing customer demand for technology products. In parallel,Finverity\u2019s platform is embedded into NBF\u2019s operational and credit approval processes, providing a seamless experience to NBF as funder and enabling it to quickly scale up the programme. After onboarding, a few clicks by both parties is all that\u2019s needed for funding to take place.<\/p>\n

Alex Collingwood, Head of Origination & Corporate Relations at Finverity, said<\/strong>:<\/p>\n

\u201cDeveloping flexible and effective working capital solutions enabled by the best-in-class technology is what sets Finverity apart. Quite often, a bank\u2019s product range will not exactly meet the specific requirements of a corporate seeking an SCF or an AR programme, and even when it does, it can take a long time to execute. I am speaking from experience when I say this, having worked for Barclays as well as several other global banks for 30 years. Finverity provides a tailored solution to a corporate client\u2019s specific needs, which at the same time fits well into funding banks\u2019 processes. Such a combination is of huge value-add to corporates, who get the best of both worlds: an outstanding operational interface together with access to a larger pool of financing.\u201d<\/p>\n

Viswanath Pallasena, Chief Executive Officer, Redington Gulf, said:<\/strong><\/p>\n

\u201cBusinesses and people nowadays have an increasing need to modernize their technology to be more effective at work, school, or home. 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.\u201d<\/p>\n

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Viacheslav (Slava) Oganezov, Co-Founder & CEO at Finverity, said:\u00a0 <\/strong><\/p>\n

\u201cThe ability to meet the exact requirements of funders as well as corporates simultaneously, both in terms of deal structuring and technology-based operational processes, is a much-needed step change that Finverity is bringing to the market. It enables better access to funding flow, higher client satisfaction levels and overall a more efficient trade finance ecosystem. Yet, it would not have been possible without close collaboration between all three parties. We are delighted to be working with NBF and Redington, with whom we share the same vision for the future of our space.\u201d<\/p>\n

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For further information contact:<\/strong><\/p>\n

Kinlan Communications<\/strong><\/p>\n

David Hothersall<\/p>\n

david@kinlancommunications.com<\/p>\n

Tel. +44 (0)20 7638 3435<\/p>\n

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Online version of press release<\/strong><\/p>\n

TBA<\/a><\/p>\n

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Photos of Viacheslav Oganezov and Alex Fenechiu (Finverity)<\/strong><\/p>\n

http:\/\/tiny.cc\/Finverity<\/a><\/p>\n

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About Finverity <\/strong><\/p>\n

Finverity was born out of a vision to make the global financial system work for all, one product at a time. The company is on a mission to enable the trade finance ecosystem in emerging markets to do better and bridge the $1.7trn global trade finance gap by channelling capital to where it\u2019s most needed: mid-market companies in emerging markets, which make up the bulk of the gap. Finverity\u2019s award-winning Supply Chain Finance (SCF) technology platform caters to the entire ecosystem of Trade Finance participants and is made available via two routes:<\/p>\n