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FIMBank and Lenovo Financial Services announce strategic partnership

16.11.2021

FIMBank, an international trade finance specialist headquartered in Malta, and UAE based Lenovo Financial Services META LLC (LFS), have concluded a landmark cooperation agreement which aims to provide a long-term strategic finance program for LFS’s IT distributors across the Middle East. Significantly, the partnership strategically aligns both parties for the long-term by combining the strength of the LFS distribution network and FIMBank’s lending expertise. This innovative partnership leverages the respective strengths of the two parties to create compelling value for both institutions.

The program, which is designed to support the working capital cycle of the leading IT distributors in the Middle East, Turkey and Africa region is expected to accelerate growth for both parties in this fast-growing IT distribution sector. Under the program, FIMBank will be supporting distributors by extending the credit period received by reputed sellers through the financing arrangement.

The partnership has been established during the COVID-19 pandemic, where the world has seen a significant shift and uptake of technology to support connectivity and flexibility of working environments and locations. The program supports the increase in working capital requirements of distributors driven by high demand. The distributor finance program is unique in its nature, as it is designed to rapidly optimise working capital support generated by increasing IT sales.

Kamel Moris, Chief Commercial Officer of FIMBank, stated, “We are extremely honored to partner with LFS who’s objective is to make investment in technology more accessible and greener too. LFS’s innovative payment solutions such as RecylceIT and BuyIT Back support regional and international sustainability initiatives, prevent technology obsolescence and eliminate IT waste through re-use, re-purpose and re-cycling of IT products. This is a very important sector that supports and benefits the global economy. Going forward we aim to further support global digitization trends, by looking towards pursuing similar strategic partnerships.”

John Knibbs, Managing Director of LFS stated “Our collaboration with FIMBank has provided our partners with a unique solution that enhances free cashflow and working capital at a time when it is needed most. We are delighted to have formed a strong relationship with a funding partner that shares the same vision and strategy by delivering true value add solutions to our customers and partners across the region.”