- Commercial finance technology specialist makes its debut in the United Arab Emirates
- HPD’s Aquarius Express to support the rapid deployment of new factoring and supply chain offering
HPD Software, the technology specialist for commercial finance providers, is delighted to announce its debut in the United Arab Emirates (UAE), following its appointment by the new Middle Eastern factoring specialist, Al Ain Finance.
Al Ain Finance (AAF) is set to launch in June. Registered with the UAE Central Bank, it is due to operate a pilot programme managing the reverse factoring of a large local supermarket chain partner. Following its launch, AAF has plans to expand further and to go on to deliver receivables finance and supply chain finance services.
Mohamed Almulla, Managing Director at Al Ain Finance, said: “The opportunities in UAE are vast; there is a real funding gap in the SME market due to issues such as low oil prices, high borrowing costs, tightening of banks’ credit appetite, and rising of non-performing loans from the SME sector. We believe that factoring and supply chain finance create the ideal funding tool for SME’s, and we are excited to be launching into this space.
Our goal is to establish Al Ain Finance as the premier institution for supply chain and receivables finance, with a strong market reputation.”
AAF has selected Aquarius Express under HPD Software’s new LendScape offering – the new integrated product suite, designed to provide ‘end to end empowerment of working capital finance solutions‘.
The system is fully automated and provides end-to-end, user-friendly processing. Its rapid deployment process will help to deliver a faster go-live date and lower project costs without compromising on quality or limiting potential commercial opportunities for Al Ain Finance.
George Koukis, Head of Factoring and Supply Chain Finance, said: “Automation is an essential part of the factoring and supply chain finance business. HPD is the market leader in working capital finance solutions and Aquarius is a powerful, fully automated and easy-to-use solution that covers all areas of receivables finance and factoring. It will not only help us to streamline our process and to minimize operational risk, but can also provide to our clients easy access to relevant information, reports and statistics – helping us to create transparent relationships, to reduce both workloads and overhead.
“We have been impressed by HPD’s support through the provision of detailed training and experienced consultants who have been on hand for guidance and advice.”
Kevin Day, CEO at HPD Software, added: “Over the last six months we have placed a real emphasis on our expansion, and AAF’s appointment underlines our commitment to gaining a strong foothold in the UAE and Middle Eastern market.
“We are pleased to be working with – and supporting – Al Ain Finance as it sets out to become the commercial finance provider of choice in a market which looks to be full of opportunity.”
Global Banking & Finance Review
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