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National Bank of Fujairah (NBF) partners with Finverity to grow supply chain and receivables finance book in MENA

The first partner in the region is Redington Gulf, the largest technology distributor in the Middle East and Africa.

Finverity, trade finance platform enabling ecosystem development in emerging markets, and  National Bank of Fujairah (NBF),one of the leading banks in the UAE trade finance landscape, today announced the launch of a partnership to grow supply chain finance (SCF) and account receivables (AR) finance volumes in the MENA region. The partnership has started with Redington Gulf, which will position the service to reach the maximum number of IT resellers in the UAE.

Under the partnership, Finverity provides a curated origination pipeline, deal structuring and an end-to-end technology platform for on-going operations and reporting, withNBF underwriting and funding SCF and AR assets on Finverity’s marketplace. The partnership clearly recognizes the key role that Finverity’s platform plays in providing client-centric solutions that channel capital to eligible corporates, enabling them to access trade financing more effectively.

The MENA region, and in particular Dubai, are benefiting from their growing importance as both global trade and financial hubs, as a result of increased investment in supply chain finance. MENA economic growth is forecast to accelerate to 5.3% in 2022, according to the World Bank, with GCC economies forecast to grow by 5.9% in 2022, 1.2 percentage points higher than forecast at the start of the year.

Venkiteswaran (Venki) Ramasubhramoni, Head of Equipment and Technology Finance at National Bank of Fujairah, said:

“As a key lender in the technology finance space, NBF has chosen to partner with Finverity as its fintech partner to offer supply chain finance solutions. Given the strategic match, with both parties focused on IT-related trade, we see wider possibilities in this collaboration and the value it could bring. Access to pre-analysed and pre-negotiated deals on Finverity’s marketplace provides NBF with an effective way to fund a diversified pool of SCF & AR transactions, shorten credit approval cycles and scale our books efficiently. In parallel, Finverity’s technology platform facilitates our total digital offering, ensuring more transparency of the underlying assets being funded, as well as a better user experience.”

NBF’s first area of focus in the partnership is on funding IT channel partners through Redington in the UAE, as it simultaneously expands into funding several other programmes on Finverity’s platform.

Redington was an obvious partner for Finverity due to its broad network of IT channel partners. The collaboration with Redington will make it easier for IT channel partners to secure longer payment terms and access to additional working capital, all managed through Finverity’s digital platform.

As a result, Redington’s channel partners can now benefit from an easy-to-use process to pre-pay their invoices as part of their normal trading relationship. This embedded financing means they profit from extended payment terms to comfortably turn stock into cash, as well as additional working capital to purchase more stock from Redington to meet growing customer demand for technology products. In parallel,Finverity’s platform is embedded into NBF’s operational and credit approval processes, providing a seamless experience to NBF as funder and enabling it to quickly scale up the programme. After onboarding, a few clicks by both parties is all that’s needed for funding to take place.

Alex Collingwood, Head of Origination & Corporate Relations at Finverity, said:

“Developing flexible and effective working capital solutions enabled by the best-in-class technology is what sets Finverity apart. Quite often, a bank’s product range will not exactly meet the specific requirements of a corporate seeking an SCF or an AR programme, and even when it does, it can take a long time to execute. I am speaking from experience when I say this, having worked for Barclays as well as several other global banks for 30 years. Finverity provides a tailored solution to a corporate client’s specific needs, which at the same time fits well into funding banks’ processes. Such a combination is of huge value-add to corporates, who get the best of both worlds: an outstanding operational interface together with access to a larger pool of financing.”

Viswanath Pallasena, Chief Executive Officer, Redington Gulf, said:

“Businesses and people nowadays have an increasing need to modernize their technology to be more effective at work, school, or home. The partnership with Finverity will provide our channel partners with additional working capital to address the rising demand for technology in the United Arab Emirates. I have no doubt that the Finverity solution will help our channel partners scale their businesses further.”


Viacheslav (Slava) Oganezov, Co-Founder & CEO at Finverity, said: 

“The ability to meet the exact requirements of funders as well as corporates simultaneously, both in terms of deal structuring and technology-based operational processes, is a much-needed step change that Finverity is bringing to the market. It enables better access to funding flow, higher client satisfaction levels and overall a more efficient trade finance ecosystem. Yet, it would not have been possible without close collaboration between all three parties. We are delighted to be working with NBF and Redington, with whom we share the same vision for the future of our space.”


For further information contact:

Kinlan Communications

David Hothersall

Tel. +44 (0)20 7638 3435


Online version of press release



Photos of Viacheslav Oganezov and Alex Fenechiu (Finverity)


About Finverity

Finverity was born out of a vision to make the global financial system work for all, one product at a time. The company is on a mission to enable the trade finance ecosystem in emerging markets to do better and bridge the $1.7trn global trade finance gap by channelling capital to where it’s most needed: mid-market companies in emerging markets, which make up the bulk of the gap. Finverity’s award-winning Supply Chain Finance (SCF) technology platform caters to the entire ecosystem of Trade Finance participants and is made available via two routes:

  • A digital value-add marketplace that directly matches bank and non-bank funders with pre-qualified mid-market companies seeking supply chain and receivables finance. The marketplace provides a seamless origination, transaction servicing and risk management reporting infrastructure.
  • A truly end-to-end cloud-based SaaS solution for banks and non-bank funders enabling full digitalisation of their invoice finance business, inclusive of client portals, onboarding modules, in-house process workflows, automatic disbursals and reconciliation.


Finverity is growing rapidly and building a world-class team to capitalise on the digitalisation trends in trade finance, the increasing need for working capital amongst corporates and an influx of funders searching for yield in this alternative asset class.

Visit Finverity today to find out how we are innovating in the realm of SCF.


About National Bank of Fujairah

Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’ah compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.

NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB / A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 15 (of which 1 is an electronic banking service unit) across the UAE.


About Redington

Redington is a leading IT technology solutions provider across Information Technology, Mobility, Telecom, Cloud, Lifestyle and Solar verticals. It has footprint across 38 markets including 60 subsidiary offices. With over 290+ brand associations and 39,500+ channel partners, it is transforming the distribution and supply chain ecosystem through synergy between innovation and technology adoption.

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