Bahrain’s Blockchain enabled Medical Value Chain, “MVC”, provider of supply chain track-and-trace platforms for pharmaceuticals, has signed a partnership agreement through its parent company, AVC Global, a U.S. Corporation with Kyriba Corporation, fintech company. Together with MVC, Kyriba will empower supply chain leaders to transform how they activate financial liquidity as a dynamic, real-time vehicle for growth and value creation, while also protecting against financial risk.
The Kyriba Working Capital solution, powered by Kyriba’s Active Liquidity Network, is being fully integrated into the MVC value chain platform. As the COVID-19 pandemic decimates global supply chains, the next generation of Supply Chain Finance will help ensure the speedy and efficient distribution of much-needed financial liquidity across the medical supply chains, while drastically reducing the time required for paperwork, administration, and bureaucracy.
Commenting on the new partnership, Sheikha Dheya bint Ebrahim Al Khalifa, MVC Chairperson, said: “I am honored we have been joined by Kyriba, one of the world’s major fintech leaders, in our effort to improve medical supply chains with smart contracts and advanced liquidity management solutions. With my Co-Founders Leo Giacometto and David Todd, we are building a world-class team in Bahrain to enhance the Kingdom’s position as a world leader in advanced fintech solutions.”
MVC’s blockchain enabled platform integrates serialized Track & Trace, IoT sensors, and smart contracts for government compliance and clearances. Kyriba’s integration expands the solution set for MVC with award winning supply chain finance and cross border payments solutions.
Jean-Luc Robert, the Chairman and CEO of Kyriba, said: “Kyriba is proud to partner with Chairwoman Sheikha Dheya bint Ebrahim Al Khalifa, MVC and its parent company, AVC Global and to be part of their fintech vision of the future. Reducing payment times from several months to a few days across supply chains for the most critical items such as pharmaceuticals is a game changer, especially for small and medium enterprises. With this partnership, Kyriba extends its presence in the Middle East, and expands our solution offering in the Kingdom of Bahrain.”
In April of this year MVC also signed a partnership agreement with Cox Logisitics group for smart hub logisitcs warehouse for pharma.
Kyriba’s pioneering Active Liquidity Network, a cloud-based liquidity data and connectivity hub, connects internal applications with vital external liquidity sources such as banks, suppliers and trading platforms.
Leo A. Giacometto, MVC’s Co-Founder and President, said, “We are very pleased to see the fruit of the partnership of our two companies be planted here in Bahrain. MVC’s success will not only serve the healthcare industry well in Bahrain but it will blossom all across the middle east and it will help to accelerate Bahrain’s position as the world leader in fintech.”