İş Bankası Partners with Beko for First Collaboration on Sustainable Supplier Financing System

Forex - İş Bankası (IS:ISCTR) has performed its first collaboration with Beko in the Sustainable Supplier Financing System, which will be implemented for the first time in Turkey. The new system will contribute to İş Bankası’s provision of sustainable financing and Beko’s goal of transitioning to a low-carbon supply chain.

Through the Sustainable Supplier Financing System (STFS), suppliers will be able to obtain early payments on their receivables at advantageous interest rates from the Bank based on the sustainability scores in the Compliance Status Report, using the invoice information and electronic documents that the supplier has authorized to be sent to the Bank electronically.

With the new system, Beko's supplier companies will be able to reduce their carbon footprints in line with Beko's sustainability goals, while meeting their liquidity needs at a reasonable cost and accelerating their cash flows with the support of İş Bankası.

Berkin Ergan, Corporate and Commercial Banking Marketing Manager at İş Bankası, stated that the Sustainable Supplier Financing System is a new business model that supports the green economy, saying, "In line with our vision of being ‘The Bank of the Future,’ we are implementing flexible, sustainable, effective, and efficient financing models by collaborating with solution partners that will contribute to a sustainable future, in addition to meeting the financial needs of businesses. We are pleased to support environmentally conscious business models and contribute to the establishment of sustainable supply chains with this collaboration with Beko. We will continue to support the business world with our sustainability-focused financing models, reflecting our sense of responsibility towards nature."

Mine Şule Yazgan, Senior Director of Finance and Corporate Risk at Beko, noted, "As Beko, we prioritize the sustainability of our entire value chain, aware of the significant responsibility of the business world in decarbonizing the industry and transitioning to a net-zero economy. Our company is making pioneering investments in sustainability to achieve the net-zero emission target across all global operations by 2050. With our collaboration, we aim to promote the transition to a low-carbon economy. Our goal is to increase the green electricity usage rate of our suppliers to 100% by 2030."