National Bank of Bahrain in tie-up to launch supply chain finance solution

National Bank of Bahrain in tie-up to launch supply chain finance solution

The National Bank of Bahrain (NBB) has partnered with Cork Information Technology to introduce a supply chain finance solution for its corporate and SME (small and medium enterprise) clients and their suppliers.

Reiterating its commitment towards uplifting the SME sector in the kingdom, 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 optimise working capital.

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.

Better payment terms

Additionally, buyers will be able to aid their suppliers with access to financing and can also help in securing better payment terms and discounts.

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

Commenting on the occasion, Alzayani said: