Asian Development Bank and Deutsche Bank have announced that they are partnering on a supply chain finance programme that will help fund SME suppliers of Middle East retailer Landmark Group, headquartered in the UAE.
Most of the suppliers who benefit from the $200m annual funding arrangement are located in Bangladesh, China, India, Sri Lanka and Viet Nam.
“This will enhance our relationships with Asian SME suppliers and pave the way for other such programmes,” said Rajesh Garg, group chief financial officer of Landmark Group. “In addition, we would reap the benefits [of being] backed by the AAA rating of ADB and efficient solution delivery by Deutsche Bank.”
Asian Development Bank has been actively looking for partner banks to support SCF arrangements in the region’s developing nations. It previously announced working arrangements with Standard Chartered Bank in Malaysia and China.
* Document process automation business Esker announced in Singapore a supply chain financing solution partnership with Jing King Tech Group (JK Tech), a fintech company specialising in payment solutions and services for the banking sector. The joint venture will connect Esker’s e-invoicing platform to a group of banking partners including UOB, Singapore’s second largest bank, and Shanghai Pudong Development Bank (SPDB), China’s tenth largest bank.
Esker and JK Tech will market NEMO, a cloud-based supply chain finance solution that connects Esker’s e-invoicing platform to a group of banking partners in China and southeast Asia. The growing list of partners will include banking institutions and alternative financing platforms. NEMO has received support from the Singapore government, which included the solution in its investment support program to promote the competitiveness of local business through adoption of digital technologies.