Cork IT Partners with 4thWave, Canada to launch SME Financing Services
The partnership will create a SME Financing marketplace in the Kingdom of Bahrain.
Manama, Bahrain May 30, 2021 - Cork Information Technology, a leading Digital Transformation Solutions provider in Middle East announced their strategic partnership with 4thWave, a Canada-based Finance and Banking As-A-Service Platform provider, for Bahrain.
SMEs in emerging and developed markets, alike, form the backbone of the economy. However, lack of access to low-cost finance continues to remain the single biggest impediment for the SME growth. SMEs account for 99.3% of the companies in Bahrain and contribute 30% to GDP, and 8% to exports. The SMEs Development Board of Bahrain aims to strengthen SMEs capacities and boost SMEs contribution to the GDP to 40% and SMEs exports to 20%. The Government has initiated various initiatives to meet the stated objectives.
Cork IT through this partnership with 4thWave, will introduce leading edge Digital Platform for Supply Chain Financing and Collections that will bring together the lenders and the businesses on the same platform. The platform will address the issue of “access to finance” for SMEs on one hand and on the other, it will help lenders deploy their capital through the low-risk Supply Chain Finance method of lending.
Cork IT Managing Director Mr. Jassim Awadh stated: “Cork IT is delighted to partner 4thWave, Canada to introduce the industry proven Supply Chain Financing and Collections in Platform-as-a-Service model in Bahrain. The marketplace that we are creating for the lenders and the businesses is in alignment with the Government initiatives and will be a key catalyst to unlock the SME potential of Bahrain.”
“Bahrain is our Regional Headquarters for MEA and South Asia” said Mr. Partha Saha, SVP-Global Markets on the signing the Agreement “We are honoured to work with Cork IT and introduce our globally proven Supply Chain Financing platform in Bahrain. The platform has been localised to Bahrain market requirements and we are confident that Cork IT’s deep market insights will further strengthen the proposition.”
Visit corkinfotech.com/supplychain for more information.