Aramco, SIDF And Taulia Announce Supply Chain Financing Solution
- Solution aims to provide alternative and competitive source of financing for suppliers, reinforcing supply chain resilience
- Collaboration aims to unlock billions of Saudi Riyals in liquidity, enabling suppliers to optimize their working capital
DHAHRAN, Saudi Arabia, October 29, 2024 – Aramco, one of the world’s leading integrated energy and chemicals companies, and Taulia, a SAP company and leading FinTech provider of working capital management solutions — supported by the Saudi Industrial Development Fund (SIDF) as one of the key finance providers of the domestic industrial sector — have signed agreements to establish a supply chain financing solution.
The entities are joining forces to establish one of the world’s largest supply chain financing programs, which aims to provide an alternative and affordable source of financing for Aramco’s suppliers. Announced during the FII 8th Edition in Riyadh, the new FinTech solution is expected to enhance suppliers’ liquidity and cash forecasting accuracy, while reinforcing Aramco’s supply chain resilience.
Ziad T. Al-Murshed, Aramco CFO and Executive Vice President of Finance, said: “At Aramco, we recognize the crucial role our suppliers play in contributing to our business continuity, which in turn enables the delivery of energy and petrochemical products reliably and competitively across the globe. 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. We extend our gratitude to the Saudi Central Bank (SAMA) for enabling us to unlock this added value for our stakeholders. We also deeply appreciate the commitment of our partners at SIDF and Taulia in developing this innovative solution, which will significantly enhance our suppliers’ ability to meet customer needs and reinforce the stability of the supply chain ecosystem in our region.”
Cedric Bru, Taulia CEO, said: “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. When done at scale, it creates opportunities for growth and investment for these businesses. We are tremendously excited and proud to make that a reality for Aramco and its trading partners. It cements our position as a leading FinTech provider of working capital solutions.”
The financing solution aims to unlock billions of Saudi Riyals in liquidity, enabling suppliers to optimize working capital, gain access to alternative financing, and strengthen business relationships.
About Aramco
As one of the world’s leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world.
https://www.aramco.com.
About SIDF:
SIDF is an industrial development fund enabling Saudi Arabia’s transformation to become an industrial powerhouse and a global logistics hub and operates under the Saudi National Development Fund (NDF). SIDF offers financial products, advisory services, and knowledge programs to enhance ecosystem competitiveness and investment attractiveness for the following four sectors: industry, mining, energy, and logistics. For more information please visit our website: www.sidf.gov.sa.
About Taulia
Taulia is a fintech provider of working capital management solutions headquartered in San Francisco, California. Taulia helps companies access value tied up in their payables, receivables, and inventory. A network of more than 2 million businesses use Taulia’s platform to determine when they want to pay and be paid. Taulia enables its customers to execute their working capital strategies, support their suppliers with early payment, and contribute to building sustainable supply chains. Taulia processes more than $500 billion each year and is trusted by the world’s largest companies, including Airbus, AstraZeneca, and Nissan. In March 2022, Taulia became part of SAP. Taulia operates as an independent company with its own brand in the SAP Group. For more information, please visit www.taulia.com/de.
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