AVC Global and MVC in the News
Medical Value Chain W.L.L. Now Has Supply Chain Finance Solutions For The GCC
For Immediate Release
Manama, Bahrain  October 2020: Bahrain’s Medical Value Chain, “MVC,” provider of one of the world’s leading supply chain track-and-trace platforms for pharmaceuticals, announced that its parent company, AVC Global, a U.S. Corporation, has signed a strategic technology partnership with Kyriba Corporation, recognized as North America’s “Most Innovative Fintech Company” in 2020 by Global Finance Magazine. 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 payment 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, A.V.C. 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.”
David Todd, Co-Founder and CEO of MVC and AVC, said, “This is truly the nexus of the physical, digital and financial supply chain. Our first integrated deployment of Kyriba’s supply chain financing will be via our Bahrain subsidiary, Medical Value Chain. “MVC” was recently selected by Bahrain’s National Health Regulatory Authority (NHRA) to provide a track and trace system to monitor the supply chain of medicines in the Kingdom. This new system will cover the entire global supply chain process, from the factory of origin to patient at the point-of-care.”
Leo A. Giacometto, Co-Founder and Chairman of AVC and President of MVC, 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.”
Sheikha Dheya bint Ebrahim Al Khalifa is a member of the Bahraini Royal Family and is a prominent G.C.C. entrepreneur who has built a reputed conglomerate with over 22 companies and joint-ventures in diverse verticals such as; corporate finance, real estate, oil & gas, food & agriculture, and new technologies such as blockchain, smart contracts, digital finance, and artificial intelligence. As a visionary entrepreneur, in 2001, Her Highness formed the Riyada Group and focused on nontraditional Gulf Cooperation Council markets. Through those business dealings with International private companies, she has formed stronger bilateral ties between Bahrain and dozens of countries around the world.
Kyriba empowers C.F.O.s and their I.T. counterparts to transform how they optimize financial technology solutions, de-risk ERP cloud migration, and activate liquidity as a dynamic, real-time vehicle for growth and value creation. With 2,000 clients worldwide, including 20 percent of Fortune 500 companies, Kyriba’s pioneering Active Liquidity Network connects internal applications for treasury, risk, payments, and working capital with vital external sources such as banks, ERPs, trading platforms, and market data providers. Based on a secure, scalable SaaS platform that leverages artificial intelligence, Kyriba enables thousands of companies worldwide to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce costs through advanced automation. Kyriba is headquartered in San Diego, with offices in New York, Paris, London, Frankfurt, Tokyo, Dubai, Singapore, Shanghai, and other major locations. For more information, visit www.kyriba.com.