Demica announces private cloud deployment for SABB

Demica announces private cloud deployment for SABB

Published 16th November 2020 by Demica in News

Demica, one of the largest independent providers of working capital solutions, today announced that it has deployed its platform into the Kingdom of Saudi Arabia through a private cloud deployment onto a Microsoft Azure Stack. In partnership with Saudi British Bank (SABB), Microsoft and Edarat Group, Demica deployed a primary and DR solution, migrating the solution from its European data centres to ensure compliance with local data processing regulations.

In conjunction with its partners, Demica procured, delivered, installed and configured the Azure Stack within two data centres in Riyadh and Jeddah, effectively deploying the first production Azure stack solution in the Kingdom. The private cloud Azure Stack is now available to all clients with a strict requirement for the hosting of cloud-based trade finance solutions within the Kingdom of Saudi Arabia.

Demica initially partnered with SABB in 2018, providing its market leading supply chain finance solution to the largest trade finance bank in KSA.

Kishore Patel, Demica’s Chief Technology Officer, said: “We are delighted to support SABB in their objective to combine full compliance with local data processing regulations with all the advantages offered by the Demica platform.  I would also like to recognise our partners, Microsoft and Edarat who enabled this complex deployment to be completed within six weeks at a time when most of our teams were operating under lockdown conditions.”

Microsoft Arabia’s One Commercial Partner (OCP) lead, Wael Elsenoussi, said ‘’Organizations in Saudi Arabia are undergoing massive digital transformation fuelled mainly by cloud and artificial intelligence. These technologies are helping businesses and society reach new heights and achieve more. Together with Demica and Edarat Group, we are working towards the same goals: innovate and deliver new solutions that can help customers capitalize on digital transformation to grow their businesses. The expertise of Edarat Group in providing Microsoft’s Azure Stack services, along with the business relevance of Demica’s trade financing solution helps us deliver true value for our customers. “We are proud of our partnership with Demica and Edarat Group, in leveraging Microsoft’s technology to bring a cloud-ready trade financing solution for Saudi British Bank (SABB) hosted within the Kingdom” he added.

SABB is happy to join one of the market leaders in Supply Chain Finance to bring a cutting edge digital platform to the Saudi Arabian market. This platform supports Vision 2030’s initiative of injecting liquidity into the SME sector by availing financing based on the strength of the buyer’s credit. Delivering a ground breaking project to be first to locally host a cloud based digital platform despite COVID19 is a testament to the strength of both SABB and Demica. This also maintains our position at SABB as a leading trade solutions provider in the Kingdom of Saudi Arabia, digitally innovative and in tune with our clients’ needs.

Majed Najm, SABB’s Deputy Managing Director of Corporate and institutional Banking

About SABB

The Saudi British Bank (SABB), a Saudi Joint Stock Company, was established on 21 January 1978 and is an associate of the HSBC Group. The Bank formally commenced its activities on 01 July 1978 with the taking over of the operations of The British Bank of the Middle East branches in the Kingdom of Saudi Arabia. On 16 June 2019 SABB merged with Alawwal Bank (formerly Saudi Hollandi Bank), Riyadh to form the 4th largest bank in the Kingdom of Saudi Arabia by assets.

SABB has developed a market leading trade finance proposition, which is supported by a team of approximately 170 dedicated trade associates located in all major business centers and various industrial and inner-city commercial areas within KSA.  In 2020 SABB made significant moves to build on this position of strength and drive digital innovation in GTRF in KSA.  SABB is involved in a range of digital initiatives, including Blockchain based transactions with a view to enhancing the customer experience, reducing risk and paper in the industry and ultimately injecting more liquidity into Trade Finance. SABB has been responsible for bringing some of the leading players in Digital Trade Finance to KSA in 2020 to provide information and education sessions for the broader market including clients, regulator and other banks.

About Demica

Demica is a rapidly growing Fintech providing working capital solutions to large corporates and banks with a broad range of receivables, inventory and payables finance products. The company focuses on multinational clients all over the world, across industries and sectors, requiring facilities of US$50mn to US$750mn+. Today over US$16bn of funding is outstanding on the platform provided by a diverse range of banks and institutional investors.

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