ADCB Egypt Partners With Paysupp To Offer Supply Chain Financing Solutions
Date
8/25/2024 3:06:55 PM
(MENAFN- Daily News Egypt) Abu Dhabi Commercial bank – Egypt (ADCB Egypt) has partnered with financial technology company PaySupp to provide innovative financing solutions for corporate supply chain vendors.
The agreement, signed by Ihab El Sewerky, Managing Director and CEO of ADCB Egypt, and Ahmed Alaa, CEO of PaySupp, in the presence of senior executives from both parties, aims to help companies manage their working capital more effectively and ensure business continuity amid economic challenges.
The new platform's early payment service provides flexible and integrated financial facilities, enabling suppliers to receive their deferred payments more quickly and on more favourable terms. Companies benefit from improved payment terms, which help reduce operating costs, enhance operational efficiency, improve cash flow, and foster stronger collaboration with suppliers.
“ADCB Egypt supports the development of financial technologies and services in line with its strategic plan,” said El Sewerky.“This partnership aids in fostering corporate growth and expansion plans, increasing funding options, and improving supply chain efficiency by controlling risks and boosting operational performance. Additionally, it enhances liquidity and supports projects aimed at driving economic development and entrepreneurship in Egypt. This collaboration will strengthen the corporate infrastructure and contribute to implementing sustainable economic practices and creating better job opportunities in the Egyptian market.”
“We are always committed to forging partnerships in technology and providing the latest innovations to enhance the banking experience for our clients and ensure their satisfaction,” he added.“We continue to push technological advancement to achieve ADCB's goal of being the most preferred bank for its customers in Egypt. We look forward to working together to empower companies across Egypt to optimise their supply chains and operations, aligning with the country's strategic direction.”
Ahmed Alaa, CEO of PaySupp, expressed his enthusiasm about the partnership:“We are pleased to partner with ADCB Egypt to launch the early payment service for companies. This partnership highlights the vast potential of B2B fintech solutions in Egypt. Our platform leverages data and technology to help companies secure liquidity, overcoming the challenges faced by the sector due to extended payment cycles.”
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