The “Emirates Development Bank” announced the launch of a digital platform to finance the dues of its corporate and institutional clients, in a step in line with the government’s vision to develop innovative solutions to support the business sector. The platform allows the seller to get his dues immediately without waiting for the due date, while the buyer can manage his financial flows and pay the bills in the platform at a later time.
The national platform for financing receivables was launched through joint cooperation between the Emirates Development Bank and the International Finance Corporation (IFC), a member of the World Bank Group, and the largest global development institution.
The platform offers smart and innovative financing solutions to buyers, suppliers and banks with the aim of mitigating risks and facilitating doing business for small and medium-sized companies in the country.
The platform allows easy communication between suppliers, buyers and financiers at any time by entering the website of the platform, through which they can apply for financing receivables quite easily, in addition to taking advantage of the program’s other advantages in accordance with the terms, conditions and laws in force in the country.
The customer qualification phase includes conducting “Know Your Customer” electronically through the platform, in addition to verifying the identity of the customer and assessing the potential risks that are specifically designed to meet the needs of the seller and buyer in a modern and distinctive way.
Faisal Al Bastaki, CEO of the Emirates Development Bank, said: Through our development role and our endeavor to facilitate and remove some of the difficulties facing small and medium-sized companies to obtain the necessary financing, and with the aim of contributing to bridging this gap, the Emirates Development Bank has worked to launch the national platform for financing receivables to provide the necessary financial and credit facilities In line with the government’s vision to enhance competitiveness and diversify the economy, to serve as one of the solutions that the bank will provide from time to period.
The platform will help facilitate the seller getting his dues without having to wait for the due date, which averages 120 days. It is characterized by flexibility in meeting the requirements of the local market, which will encourage the participation of other national banks to support digital financial services .. The bank will establish a new center of excellence to provide the required support to local financiers.
Initial stage
The initial phase of the project provides financing solutions for receivables, while another comprehensive and diverse group of receivables financing products, including those compatible with Islamic financing, will be introduced, which will be launched in the second phase of the project in the future.
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