Dubai’s Emirates NBD launches new digital supply chain financing platform

Dubai’s Emirates NBD has launched digital supply chain financing platform – smartSCF – for its corporate and institutional clients.

The smartSCF platform will offer businesses in the UAE a set of integrated, automated tools designed to enhance and simplify supply chain collaborations, optimise working capital and reduce transaction costs.

Clients can benefit from improved cash flow efficiencies while suppliers stand to gain benefit from early payment of their invoices, without the need for collateral and at competitive rates.

Emirates NBD Corporate & Institutional Banking launches digital Supply Chain Financing platform (smartSCF). Read more: https://t.co/MA7OinUFLe pic.twitter.com/k4Tn7L9mn7

— Emirates NBD (@EmiratesNBD_AE) October 5, 2020

In a regional first, suppliers will be able to self-on-board via a digital supplier on-boarding toolkit.

smartSCF also has data analytics tools including interactive dashboards and customised reports which helps clients gain visibility on the programme from supplier on-boarding to payment and reconciliation, as well monitoring their cashflows.

“Our digital supply chain finance platform delivers on our commitment of enabling opportunities for corporate clients while optimising their working capital. We are pleased to offer businesses in the UAE a seamless, secure platform that offers them complete transaction visibility and payment flexibility, while enhancing their suppliers’ liquidity,” said Ahmed Al Qassim, senior executive vice president and group head, Corporate & Institutional Banking at Emirates NBD.

In July, when reveling its performance for H1 2020, the bank revealed that digital activation increased to 76 per cent of the customer base and the share of mobile based digital account opening doubled to over 40 per cent of new individual accounts sourced during Q2 2020.

Read: Emirates NBD posts 45% dip in net profit for H1 2020