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UAE-based FAB teams up with Saudi Alfanar to launch SCF Programme

UAE-based FAB teams up with Saudi Alfanar to launch SCF Programme
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Mubasher: First Abu Dhabi Bank (FAB) has partnered with Saudi Arabia-based Alfanar to launch FAB’s Supply Chain Finance (SCF) programme in the Kingdom, aiming to expand its value-added trade product and channel capabilities across the region.

Upon this collaboration, Alfanar has become the first local client in Saudi Arabia to benefit from the UAE lender’s on-ground SCF capabilities, according to a press release.

The bank’s FABeSCF platform simplifies the end-to-end process, which will enable corporates to receive funds in their bank account with just a few clicks.

The SCF and Receivable Finance (RF) solutions further allow businesses to monetise their receivables at competitive rates and obtain immediate payment. Since this step is carried out without borrowing funds, corporates will get the needed support amid the current rising interest rates.

Country CEO at FAB for Saudi Arabia, Fahad Al Juwaidi, said: “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.”

Alfanar’s  Corp. Treasury Manager, Mohammad Khattab, said: “Using the automated online FABeSCF platform will make the internal process much more efficient and seamless for Alfanar.”

It is worth noting that FAB initiated its fully automated solution in Egypt back in 2021.

Anirudha Panse, Head of GTB Trade Finance Product Innovation at FAB, said: “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.”

During the first quarter (Q1) of 2023, FAB logged net profits attributable to the shareholders worth AED 3.92 billion.