National Bank of Fujairah partners with Finverity to grow supply chain and receivables finance book in MENA

National Bank of Fujairah partners with Finverity to grow supply chain and receivables finance book in MENA

London. Finverity, trade finance platform enabling ecosystem development in emerging markets, and National Bank of Fujairah (NBF), 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.

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

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