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Industry roundup: 18 February

HSBC completes Islamic trade facility with Qatar Islamic Bank

Last month, HSBC Bank Middle East completed its first Islamic Trade Facility in MENAT, valued at US$100m, with Qatar Islamic Bank (QIB). The Financial Institutions Refinance trade facility is a new addition to HSBC Bank Middle East’s Islamic product suite.

“This is a first-of-its-kind transaction for HSBC Bank Middle East within the MENAT region and we are very proud that Qatar was the first country where it was executed,” said Abdul Hakeem Mostafawi, CEO of HSBC Qatar. “We are very optimistic about the different growth opportunities in Qatar that is driven by the expansion in gas production, final preparations for the FIFA 2022 World Cup and ongoing investment in infrastructure development. This transaction signals a strong start to the year.”

QIB says the fact that this transaction was first completed in Qatar demonstrates that the country has a number of market leading internationally recognised Islamic financial institutions with diversified product sets and a high demand for Sharia compliant banking products.

HSBC offers a range of Islamic financial products to its wholesale clients. In addition to being the top Sukuk arranger globally, it provides its clients with Islamic financing, hedging and bespoke solutions.


Supplier Success propels Facebook's receivables financing programme 

Supplier Success, a supplier finance agency focused specifically on diverse-owned business growth and corporate diversity efforts, has announced its role in launching The Facebook Receivables Financing Program. 

Supplier Success, working closely with Facebook's Global Supplier Diversity team, has designed, developed, and delivered a receivables financing solution that offers next-day liquidity to its US-based diverse suppliers, at next to no cost.

Under the rules of the programme, Facebook's eligible minority, woman, veteran, LGBTQ and disability-owned suppliers now have the ability to sell their outstanding invoices - invoices belonging to non-Facebook customers - to Facebook, at a fixed rate of 0.5%, regardless of when the supplier actually gets paid by their customer. Facebook selected Supplier Success, a black-owned minority business enterprise, to promote and facilitate the disbursement of up to US$25m in early payments per diverse supplier, during a 12-month period, subject to fund availability.

Facebook launched the programme this past December to address the disproportionate impact of COVID-19 on diverse businesses, and also to support their broader racial equity initiatives.


Tungsten Network expands Orbian partnership to extend invoice financing 

Tungsten Network, a global business transaction network, has extended its partnership with Orbian, the global supply chain finance provider, to provide additional invoice financing services to suppliers on the Tungsten Network.

Roger, a closely aligned partner of Orbian, and fintech invested by Societe Generale headquartered in the Czech Republic, will provide the invoice financing services to select Tungsten Network suppliers domiciled in Czech Republic and Slovakia. Operating since 2013, Roger specialises in financing of digitalised invoices and has helped hundreds of companies finance more than 200,000 invoices exceeding £200m.

Using Tungsten’s automated and digitised invoice processing, the new direct supplier invoice financing service will help suppliers optimise cash flow, eliminate long invoice maturity concerns, access liquidity, and improve working capital performance. The move is an extension and complement to the current Tungsten and Orbian partnership services which provide payables-led supply chain financing services to buyers on the Tungsten Network.


Nacha announces Bluefin as a preferred partner for ACH data security

Bluefin is now a Nacha Preferred Partner for ACH Data Security. In becoming a Preferred Partner, Bluefin joins a select group of innovators that Nacha recognises for offering products and services that align with its core strategies to advance the ACH Network.

“Keeping ACH data secure is a key component of an ACH risk management programme, as well as compliance with the Nacha Rules,” said Jane Larimer, Nacha president and CEO. “We welcome Bluefin as our newest Nacha Preferred Partner to our community that supports a thriving ACH Network.”

Bluefin offers encryption and tokenisation technologies for payment and data security. Its partner network includes 135 processors and gateways, serving 36 countries.

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