Commercial Bank of Dubai (CBD), one of the leading banks in the UAE and Demica, one of the world’s largest working capital fintechs, have won the IBSI Award for the Most Innovative Project for Bank-Fintech Partnership. This award recognises the creativity and collaboration from both organisations to deploy a new product for the bank in the midst of a global pandemic.
Through this partnership, CBD is able to deploy both Buyer and Seller Led Supply Chain Finance solutions through a single portal for their Wholesale Banking clients. To ensure compliance with local data regulations, the solution has been deployed using Microsoft Azure’s UAE cloud with the primary solution deployed in Dubai and secondary in Abu Dhabi. As one of the largest banks in the UAE, CBD represents a key partner for Demica, enabling asset deployment across the large corporate and SME segments and supporting local liquidity requirements. Demica views the Middle East region as a significant growth opportunity as the asset class continues to gain traction, extending its customer base across the region, with operations in Bahrain, Saudi Arabia and the UAE.
Demica’s Chief Commercial Officer, Maurice Benisty commented: “We are delighted to accept this award in partnership with Commercial Bank of Dubai. Implementation of the platform took place start to finish through lockdown which is a testament to the capability of both teams and the inherent advantages of our cloud-based business model.”
Commenting on this partnership, Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai, said: “We are pleased to partner with Demica to extend our Digital Supply Chain Finance offerings for our corporate clients and are extremely happy to win the Most Innovative Project award for our Bank-Fintech Partnership with Demica at the IBSI Global Fintech Innovation Awards 2020. We believe Demica’s solution will be very popular with our clients offering them convenience and a range of financial and operational benefits.”
About Commercial Bank of Dubai:
Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC). The Bank is listed on the Dubai Financial Market and is mostly owned by UAE Nationals, including 20% by the Investment Corporation of Dubai (ICD). Over the years, Commercial Bank of Dubai has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever increasing customer and correspondent base. Today CBD is one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services.
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Demica is a leading Fintech providing working capital solutions to large corporates and banks through a broad range of supply chain finance solutions. The company focuses on forming long-term partnerships with multinational clients and banks globally, enabling the provision of sustainable long-term financing programmes. Today Demica has over US$16bn of funded assets outstanding on its platform, provided by a diverse range of banks and institutional investors.