First Abu Dhabi Bank (FAB) has launched its Supply Chain Finance (SCF) program in the Kingdom of Saudi Arabia, in a move to expand its value-added trade product and channel capabilities in the region.
Alfanar has become the first local client in Kingdom to benefit from FAB’s on-ground SCF capabilities.
FAB’s Supply Chain Finance (SCF) and Receivable Finance (RF) solutions enable corporates to monetize their receivables at competitive rates and get immediate payment, without borrowing funds, thereby supporting corporates, especially in the current scenario of rising interest rates.
Earlier in 2021, FAB launched its fully automated solution in Egypt and has now expanded its trade product suite in KSA by offering SCF and RF solutions.
Fahad Al Juwaidi Country CEO FAB Saudi Arabia
“At FAB, our mission is to continually expand our regional presence and offer cutting-edge solutions that drive growth for our clients. The launch of our Supply Chain Finance program in KSA is a significant step forward in our regional expansion strategy. Our state-of-the-art FABeSCF platform and fully automated solutions will provide our clients with a seamless and integrated experience that strengthens connectivity across the entire supply chain.”
FAB’s state-of-the-art FABeSCF platform simplifies the end-to-end process, allowing corporates to receive funds in their bank account with just a few clicks.
Mr. Anirudha Panse, Head of GTB Trade Finance Product Innovation at FAB said that “With the launch of Supply Chain and Receivables Finance in the Kingdom, we are proud to be able to offer these value-added solutions to all our regional clients. Through our fully automated SCF solution, our clients will benefit from a seamless and integrated solution.”
Mr. Mohammad Khattab, Corp. Treasury Manager at Alfanar, stated that “We are delighted to partner with FAB and launch this working capital solution that is aimed at improving cash flows across the entire supply chain. Using the automated online FABeSCF platform will make the internal process much more efficient and seamless for Alfanar.”
