Demica, an independent provider of working capital solutions, has announced that it has successfully launched Saudi British Bank’s (SABB) Supply Chain Finance platform, enabling the bank to offer payables finance to their clients.
SABB which recently merged with Alawwal Bank to create Saudi Arabia’s third largest bank, will next look to incorporate Demica’s Supplier Onboarding Tool, which enables a scalable solution for secure collection of KYC information.
SABB has a good reputation as a trade bank in the Kingdom, having been named in 2018 by Global Finance magazine as the 'Best Trade Finance Bank' in Saudi Arabia for ten years in a row. SABB has also been named by Euromoney as the 'Best Trade Finance Bank' in Saudi Arabia from 2017-19.
Demica’s CEO Matt Wreford commented “We have continued to extend our footprint across the GCC and the MENA region and are delighted to be working with SABB within Saudi Arabia to deliver market leading solutions to its client base. After deploying and integrating our solution, we have continued to work closely with SABB to deliver new products and functionality in a market where we see considerable opportunity for growth.”
Commenting on this partnership, David Dew, managing director, SABB said “We are extremely pleased to enter this partnership with Demica which puts SABB at the cutting edge of trade innovation, giving our clients all the far-reaching advantages of transaction-speed and security that flow from the Demica’s Supply Chain Finance solutions. As the pre-eminent trade bank in the Kingdom of Saudi Arabia, we see this partnership with Demica as an essential part of our commitment to excellence and innovation in the service of our highly-valued corporate clients.”
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