Saudi Aramco backed fintech Lamaahas today (December 7) signed a landmark Memorandum of Understanding (MoU) agreement with a Saudi Arabian joint stock company Banque Saudi Fransi.
The partnership 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, a statement by Lamaa said.
Backed by Saudi Aramco and Raed Ventures, Lamaa is one of the Kingdom’s fastest growing fintechs. It is the first Shariah compliant supply chain finance platform in the region. The 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.
The partnership with Lamaa underpins Bank Saudi Fransi’s commitment to lead the way in delivering Financial Sector Development goals to enable greater financial inclusion and digitisation. 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. Lamaa’s secure, bank-grade technology is already processing millions of invoices annually for some of the biggest companies worldwide.
Sumeet Khutale, CEO of Lamaa, added: “Bank Saudi Fransi is a leader in Saudi Arabia achieving the ambition of Vision 2030. We are honoured to partner with BSF, and 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 of Banque Saudi Fransi said: “At 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 sector”.-
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