CareCredit - Women's Health April 2024

QNB Group Adopts Coupa’s Spend Management Solutions

Coupa, cash flow, spend management, treasury

As part of its stride toward complete digital transformation, QNB Group, a financial institution serving the Middle East and Africa, has announced a new partnership with Coupa, a provider of spend management solutions.

Through this collaboration, QNB will have access to Coupa’s unified platform that offers real-time insights into spending and empowers better-informed financial decisions, the companies said in a Tuesday (March 12) press release.

“QNB needed a well-established, trusted and innovative technology partner to support this phase of our digital transformation. Coupa delivered on every expectation,” Cory Thwaites, senior executive vice president of group procurement at QNB, said in the release. “Coupa’s platform is easy to use for our teams and our suppliers, and it’s completely customizable and adaptable.”

QNB will leverage Coupa’s comprehensive BSM platform to foster a more efficient, transparent and cost-effective spend management process, according to the release.

QNB aims to enhance its operational efficiency and reduce costs through this partnership, the release said. By adopting Coupa’s technology, QNB hopes to streamline its spend processes and achieve greater visibility and control over its financial operations.

The digital transformation of QNB Group’s processes will begin in Qatar and then expand into 12 additional markets, Shehab Shoukry, vice president and general manager, MENA at Coupa, said in the release.

“We couldn’t be more thrilled to partner with a financial institution with such a progressive approach to digital transformation,” Shoukry said.

PYMNTS Intelligence has found that spend management technology is becoming table stakes in every industry. With this demand, the projected value of the global spend management market is expected to more than double to $46.42 billion by 2030, according to “Better Working Capital with B2B Spend Management,” a PYMNTS Intelligence and Galileo collaboration.

In another recent development, Coupa said March 4 that it is adding new generative artificial intelligence (AI) features to its platform that optimizes sourcing, purchasing, supply chains and financial management. These features digitize invoices, optimize workflows and provide finance teams with greater visibility and control over their approval queue.

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