Riyadh - Sharikat Mubasher: Aramco, the world’s largest integrated energy and chemicals company, signed an agreement with the Saudi Industrial Development Fund (SIDF) and Tulia, a SAP company and leading fintech provider of working capital management solutions, to establish a supply chain financing solution.

The new solution, expected to be one of the world’s largest supply chain financing programs, will provide an alternative and affordable source of financing for Aramco’s suppliers, a recent statement revealed.

The agreement was concluded during the eighth edition of the Future Investment Initiative (FII8), which takes place in Riyadh from 29 to 31 October.

The fintech solution will enhance suppliers’ liquidity and cash forecasting accuracy while reinforcing Aramco’s supply chain resilience.

Ziad Al-Murshed, CFO and Executive Vice President of Finance at Aramco, said: “Together with our partners, we are introducing this FinTech solution for our suppliers, offering them an access to a unique and competitive financing opportunity. This platform also provides an investment opportunity for banks to participate as finance providers, enhancing the solution’s scale and viability.

On his part, Cedric Bru, CEO of Tulia, commented: “The deal establishes one of the world’s largest supply chain financing programs, and will provide an opportunity to access early payments for thousands of companies. Our goal is to ensure that cash flows fast and easily towards suppliers.”

He further noted that the agreement solidifies the company’s position as a leading fintech provider of working capital solutions.

Moreover, the fintech solution will enable suppliers to optimize working capital, gain access to alternative financing, and strengthen business relationships.