ArabFinance: CAYESH and EFG Hermes Corp-Solutions, EFG Hermes' subsidiary, signed a strategic partnership agreement to launch a program enabling suppliers to finance their receivables using CAYESH technology, according to EFG Hermes' statement released on December 9th.

Under the agreement, CAYESH and EFG Hermes Corp-Solutions shall be collaborating with corporate buyers and their suppliers to digitize their payment processes and enable receivables financing in a comprehensive program offered to companies of different sizes.

CAYESH is a fintech company specialized in serving supply chain stakeholders.

EFG Hermes achieved a consolidated net profit of EGP 839,835,594 for the first nine months of 2020, marking a 19% Year on Year decline.

The listed firm has a presence in the United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan. It operates under the following segments: holding and treasury, brokerage, asset management, investment banking, private equity, leasing, microfinance, and assets held for sale.

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