Supply@ME Capital PLC (LON:SYME) has entered into an agreement with Lenovo Financial Services META, a payments solutions provider.
The London-listed fintech platform operator said its SYME platform will be positioned as an alternative solution to compliment Lenovo Financial Services' existing vendor programme offerings to their network of customers in the Middle East, Turkey and Africa (META) region (excluding South Africa).
The purpose of the co-operation agreement, made with the strategic support of its funding specialist, iMASS, is to deliver a dedicated inventory monetisation programme to Lenovo Financial Services' customers that could also allow them to evaluate the opportunity to adopt the upcoming Shari'a version of the platform.
"The signing of this agreement is an important milestone in the company's development within the wider META geography and is further proof of the scalability of SYME's business model; it also reaffirms the importance of the platform in supporting the working capital needs of companies and their supply chain partners, helping to optimise days in inventory even given the current unprecedented global economic challenges,” said Alessandro Zamboni, the chief executive officer of Supply@ME Capital said in a statement.
"This agreement moves SYME a step closer towards its goal of becoming a global inventory monetisation provider. Our partner, LFS, is recognised as market leader in its industry and provides expertise across a qualified network in the META region, a strong base to foster our inventory monetisation platform,” he added.
Shares in Supply@ME were up 0.9% at 0.59p in early deals.