Economy

Arab African International Bank and Kish sign a partnership to launch the Supplier Chain Finance Program to provide innovative financing solutions

Eman Al-Wasili

Cairo

October 2022

The Arab African International Bank and the Supplier Chain Company for Technology Solutions LLC, commercially known as “Kish”, signed a partnership to launch the Supplier Chain Finance Program to provide innovative financing solutions targeting customers from Companies operating in the Egyptian market, especially small and medium companies, this fruitful partnership comes within the framework of efforts to achieve the bank’s strategy in developing the field of financial technology and providing digital solutions that are in line with the development of customer needs, in addition to promoting the financial inclusion initiative and providing financing opportunities for small and medium companies that represent more than 75 % of the national product and more than 272 % and Tamkeen Egypt from becoming a regional center for financial technology in Africa and the Middle East.

This partnership also comes within the framework of an initiative central bank The Egyptian Bank aims to encourage financial institutions and banks to cooperate with entrepreneurs and promising emerging companies to provide innovative technological products, in order to contribute to facilitating banking and financial services solutions to the Egyptian community, through “Kish” and its keenness to provide financial technology services to various corporate clients in the field of financing supplier chains.

The signing of the partnership was witnessed by Mr. Haitham Al-Maayerji, Assistant Managing Director and Head of Group Operations and Banking Transformation. The Arab African International Bank, and Mr. Mahmoud Hassan and Mr. Adel Al-Busaili, founders of “Kish” Company

and with the signature of this Partnership, Kish becomes the first Egyptian startup that provides, in cooperation with the banking sector, technological solutions for financing securities such as approved invoices; Which helps bridge the working capital gap, which has become one of the most important challenges for small and medium-sized companies in the current economic conditions. This comes within the objectives of the Central Bank to support small and medium-sized companies, and help them to expand and grow to serve the Egyptian economy and the strategy of financial inclusion, and at the same time helps electronic finance to speed up the performance of financing operations, and avoid the risks of monetary dealings.
On his part, Mr. Tamer Khalifa, Assistant Managing Director and Chief Executive Officer of the Group’s Business at Arab African International Bank stated that cooperation with Kaish Company will support the financing of the capital Working money for small and medium-sized companies by providing smart solutions for financing supplier chains and facilitating their transactions, adding that the Arab African International Bank puts financing supplier chains at the top of its priorities with the possibility of attracting large companies and aims to expand at different stages to facilitate working capital financing for companies operating in the market Egyptian companies, especially small and medium companies, which represent a large part of the Egyptian workforce, which confirms the Bank’s effective efforts in the field of supporting and financing small and medium companies and achieving the goals of financial inclusion.

As expressed by Professor Haitham Al-Maayerji, the assistant member of the Managing Director and Head of Group Operations and Banking Transformation at the Arab African International Bank, expressed his pride in the partnership with “Kish”, as we are the first bank in the Egyptian banking sector to cooperate with an emerging company in the field of supplier chain financing to find innovative solutions based on financial technology, and this partnership will contribute In developing the bank’s products and services and enhancing the banking experience for customers, in addition to facilitating the cooperation of the bank and financial technology companies, which enhances financial inclusion in the Egyptian banking sector. For their part, Mahmoud Hassan and Adel Al-Busaili, the founders of Kish Company, confirmed their happiness to partner with the Arab African International Bank. Mahmoud Hassan said, “This cooperation with the Arab African International Bank is the first partnership between Kish and a private bank, and we aspire in the coming period. In cooperation with the Arab African International Bank team, to launch a supplier chain financing program, starting with approved invoices. During the past months, we succeeded in contracting with a number of major companies and their suppliers from small and medium companies to participate and benefit from the program.” Adel Al-Busaili added, “Over the past few years, we have witnessed a great development in the field of financial technology, which reflected positively on the Egyptian market, especially in terms of launching a number of start-ups specialized in this field. We believe that the current period, especially in light of the conditions that the global and local economy is going through, is the real test for financial technology companies and their business models, which we aspire to reshape the form of financing operations.”