KUALA LUMPUR (Nov 2): RHB Bank Bhd (RHB) today signed a strategic partnership agreement with Sogo (KL) Department Store Sdn Bhd (SOGO) for the RHB Financial Supply Chain (RHB FSC) in which RHB will provide an online finance and payment solution system to SOGO's suppliers. Under the agreement, SOGO's suppliers will have access to an accelerated payment system, without the need for collateral. According to RHB, under the RHB FSC scheme, suppliers will get paid quickly, thereby reducing their outstanding day sales. "We already have a banking relationship with SOGO; we are now just extending this relationship to the suppliers. With this partnership, it will enable us to penetrate a bigger list of suppliers within the SOGO community," said group managing director of RHB Banking Group, Datuk Khairussaleh Ramli.

Source: The Edge Markets November 02, 2016 05:37 UTC