Tawreeq Holdings, a group of corporate entities specializing in comprehensive Supply Chain Finance (SCF) solutions, participated as a gold sponsor in the 4th Annual Trade Finance Summit held in Jeddah, Saudi, under the theme “Shaping the Kingdom’s Economy: A Bright Future Unfolds”.
The two-day Summit, an initiative for Trade Finance Development in the Kingdom, commenced on 15th November with the official endorsement of Jeddah chamber, successfully bringing together government regulatory authorities, senior level finance professionals from leading corporates, top financial institutions and technology solution providers across the GCC and beyond.
The Summit presented its participants the opportunity to discuss current trade trends and challenges faced by organizations in order to derive concrete solutions for some of the most crucial issues and create a thriving economy for the Kingdom. Saudi’s ambitious National Transformation Plan is attracting the private sector to contribute to the diversification of the Nation’s economy, and the summit succeeded in discussing and reviewing the future trade developments of the Kingdom.
Yazan Al Nasser, Tawreeq’s Chief SCF Officer, was one of the speakers in the panel discussion session on “Supply Chain Finance”. Yazan emphasized on the comprehensive benefits SCF solutions offers to Suppliers, Buyers, and the real economy. He reiterated the fact that SCF is still in its infancy in most Middle Eastern countries and usage is behind that of traditional trade-financing tools due to the lack of knowledge of the product. Yazan highlighted that in order for SCF to gain substantial traction, businesses need to embrace open-account financing as well as implement SCF programs through electronic processing where they will surely reap considerable rewards.
The Saudi Trade Finance Summit, organized by QnA International for the past four consecutive years, is a powerful initiative that brings together the key stakeholders involved in redefining the trade finance function, from government and regulatory authorities to crucial financial institutions and service providers, where they converse and debate the current outlook for the industry directly with business decision makers. Year after year the summit highlights the innovations in the trade finance sector, and similarly, a lot of innovative concepts were revealed at the summit this year.
Tawreeq Holdings, an innovative leader in comprehensive SCF solutions and an ambassador in sharing the knowledge and expertise on SCF, is pleased to have met peers in the industry, exchanging thoughts on the outlook for the market and how we can collaborate in supporting trade and regional economic growth.