RHB Bank Berhad (“RHB Bank”) today signed an agreement with Brunsfield International Group (“Brunsfield”) to participate in the RHB Financial Supply Chain (RHB FSC) which provides a convenient and seamless online platform for financing and payment solution.
Under the RHB FSC supplier financing solution, Brunsfield’s suppliers and sub-contractors will have access to accelerated payment without need for collateral and without recourse basis. The company signed up for an FSC supplier finance of RM60 million with RHB Bank. The solution enables suppliers and sub-contractors to convert receivables to cash and transfer collection risk to the bank.
Brunsfield and its approved suppliers and sub-contractors will be connected via the RHB FSC platform, a secured integrated web-based financial platform, available through RHB Reflex, for all financing requests. RHB FSC platform provides full visibility of transactions done online, real-time which improves operational efficiency and facilitates easy reconciliation for both Brunsfield and its suppliers and sub-contractors.
“RHB continues with our commitment to provide simplified financial solutions to our customers. The RHB FSC supplier financing solution not only allows optimisation of working capital for both Brunsfield and its suppliers and sub-contractors but at the same time strengthens the buyer-supplier relationship in the supply chain,” said Dato’ Khairussaleh Ramli, Group Managing Director for RHB Banking Group.
“Since the first quarter of 2015, we have ranked more than RM100 million financing under the RHB Financial Supply Chain (RHB FSC) to various industries. We target to allocate about RM200 million under the RHB FSC platform in 2017,” added Dato’ Khairussaleh.
“We are looking forward to our collaboration with RHB in this innovative financing solution to enhance our ecosystem in providing our stakeholders with good financial health and most importantly to maintain a strong integrated supply chain relationship for successful completion of all contracted works”, said Tan Sri Dato’ Dr Ir Gan Thian Leong, Managing Director for Brunsfield International Group.
Through the RHB FSC supplier financing solution, suppliers and sub-contractors benefit from more predictable cash flow, and are able to mitigate payment risk while improving balance sheet, as well as reducing operational cost through simple streamlined processing via the RHB FSC platform.