Commercial Bank of Dubai and Demica win innovation award for Bank-Fintech Partnership
Dubai(Press Release): 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 recognizes the creativity and collaboration from both organizations 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.
“We are delighted to accept this award in partnership with Commercial Bank of Dubai, said by Maurice Benisty Demica’s, Chief Commercial Officer. Commenting on this partnership, Dr. Bernd van Linder, CEO,CBD, 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.