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IBEA Revolutionizes Supply Chain Financing in Saudi Arabia
October 29, 2024
IBEA clients are generating revenue through programme – Ismail Amonette in interview at Seamless KSA 2024
Riyadh – Mubasher: IBEA launched in the Saudi market a little over a year ago with the goal of solving the issue of late B2B payments in Saudi Arabia and the issues of cash flow and supply chain financing for suppliers existing in the Kingdom, CEO and Founder, Ismail Amonette, told Mubasher in an interview at Seamless Saudi Arabia 2024.
There is a major issue here when it comes to late payments and most suppliers suffer from severe cash flow issues because of this Amonette noted, on the sidelines of the event which will conclude on 24 October with Mubasher being its Media Partner.
Amonette elaborated on the company objective by saying: “We are the first company to introduce buyer centric supply chain financing, which is essentially dynamic discounting. When we deploy with our clients, we fully automate their payables to their suppliers so we integrate both with their accounting system and with their banks to automate all of their accounts payables.”
He added: “We enroll their supplier network in dynamic discounting; this allows their suppliers to receive cash on their payables when they need it on schedule payments on the date when they need it in exchange for providing a discount feedback to the buyer.”
The CEO noted that most of IBEA clients are companies that have hundreds of suppliers and they have thousands of payments that they do on a monthly basis, so it is a major benefit for them that we are automating all those payments and removing the manual processes.
Amonette stated: “Our clients are generating revenue through the programme because those discounts that they receive from their suppliers go on to their bottom line and essentially reduce their costs of goods sold and is classified as revenue for them. Our system is automating payments and generating revenue for our clients at the same.”
Partnerships
As for the company’s collaboration in the banking and finance industry in Saudi Arabia, Amonette told Mubasher that IBEA currently has many partnerships in the Kingdom.
He elaborated: “We have a great strategic commercial partnership with Bank SAB, with both the cash management and soon with the trade finance team, to enable the accessibility of this type of programme for customers that are using SAB as their bank. We have already integrated successfully with Arab National Bank (ANB) as well and we are currently in partnership with Misk, the Mohammed bin Salman Foundation.”
Amonette confirmed that IBEA has many successful partnerships ongoing with banks and institutions in Saudi Arabia, adding “and hopefully many more to come.”
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