RAKBANK has entered into a strategic partnership with Faturalab, a prominent provider of smart supply chain solutions, aiming to transform supply chain finance for businesses across the UAE. This collaboration seeks to enhance financial workflows between buyers, suppliers, and banks, promoting operational efficiency and compliance with relevant regulations.
Established in 2016, Faturalab has evolved from an invoice financing platform into Turkey’s leading finance technology provider. The company automates financial processes, ensuring seamless digital transactions among stakeholders. Faturalab’s expansion into the UAE market reflects its commitment to replicating its success in the region by collaborating with prominent banks, buyers, and suppliers.
Peter England, CEO of RAKBANK, emphasised the significance of this partnership: “This collaboration is a pivotal step towards digitising our offerings to business clients, opening new channels in SME lending.” The alliance enables RAKBANK to participate as a ‘Receivable Purchaser’ on supply chain finance transactions initiated by Faturalab, thereby providing SMEs with improved access to working capital.
Faturalab’s supply chain finance model introduces a novel financing source by funding deferred invoices, which are often underutilised as financial instruments despite their value. By converting delayed invoices into immediate cash through member financial institutions, the platform optimises working capital and fosters stronger business partnerships.
The UAE’s financial sector has witnessed a surge in digital transformation initiatives, with banks increasingly adopting fintech solutions to enhance service delivery. RAKBANK’s collaboration with Faturalab aligns with this trend, aiming to provide businesses with efficient, transparent, and customer-centric financial services.
In 2023, RAKBANK selected Newgen’s Trade and Supply Chain Finance solution to digitise its business finance processes, underscoring the bank’s commitment to leveraging technology for operational excellence. The partnership with Faturalab further reinforces this commitment, offering clients a comprehensive suite of digital financial solutions.
Faturalab’s CEO highlighted the mutual benefits of the partnership: “Collaborating with RAKBANK allows us to extend our innovative financial solutions to a broader market, supporting businesses in optimising their financial operations.” The integration of Faturalab’s platform with RAKBANK’s services is poised to streamline financial workflows, reduce processing times, and enhance liquidity for businesses across the UAE.
As the UAE continues to position itself as a hub for fintech innovation, partnerships like that of RAKBANK and Faturalab play a crucial role in shaping the future of financial services in the region. By embracing digital solutions and fostering collaborations, financial institutions can better meet the evolving needs of businesses, driving economic growth and resilience.
