Banque Saudi Fransi hasย todayย signed a landmark Memorandum of Understanding agreement withย Lamaa.
The partnership with Lamaa marks a collaboration between the two companies to develop, evaluate and launch new products and services that will empower small businesses and deliver real benefits to companies of every size across the supply chain.
Backed by Saudi Aramco and Raed Ventures, Lamaa is one of the Kingdomโs fastest growing fintechs.ย It is the first Shariah Compliant Supply Chain Finance platform in the region.ย Theย ground-breaking payables program enables and incentivises large corporates to pay their SME suppliers early in exchange for a small discount. Lamaa also increase the prospect of funding through its innovative solutions. Where treasury is unable to fund early payment, Lamaa presents them to a dedicated marketplace of Banks, Financial Institutions and Asset Managers.ย ย
The partnership with Lamaa underpins Bank Saudi Fransiโs commitment to lead the way in delivering Financial Sector Development goals to enable greater financial inclusion and digitisation.ย This initiative enables enterprise companies to improve their margins and costs whilst positively supporting the cashflow and growth of SMEs across the Kingdom, a primary goal of Vision 2030.ย Lamaaโs secure, bank-grade technology is already processing millions of invoices annually for some of the biggest companies worldwide.
Sumeet Khutale,ย CEO of Lamaa added:ย โBank Saudi Fransi is a leader in Saudi Arabia achieving the ambition of Vision 2030. We are honoured to partner with BSF, andย together we are launching new and innovative products and services that will empower supply chain finance trade between enterprises and SME’s throughout the kingdom”.
Ali Najim AlKhamis, Head of Trade and Supply Chain ofย Banque Saudi Fransiย said:ย โAt Banque Saudi Fransi, we endeavour to create synergy with fintech companies such as Lamaa, who are introducing innovative and forward-looking supply chain solutions for encompassing the full vertical of the business value chains in Saudi Arabia. This partnership showcases Banque Saudi Fransi commitment to pioneer and promote the latest technology trends in the financial services sectorโ.
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