The transaction, delivered for Şişecam in collaboration with Isbank UK, ETR Digital, and Faturalab, has been selected for GTR’s annual Best Deals of 2026 list.

Each year, GTR recognises just 16 transactions worldwide across trade finance, commodity finance, supply chain finance, export finance, and fintech innovation. The inclusion of a Türkiye-based programme on this year’s list marks an important international milestone for both Faturalab and the broader supply chain finance ecosystem.

The programme stands out as the first implementation of a fully digital, transferable, and cross-border supply chain finance structure within Şişecam’s treasury operations. It is also significant as the first globally financed issuance of a Working Capital Note™.

Şişecam’s Scale and Treasury Requirements

With 43 production facilities across 12 countries and a workforce of more than 23,000 employees, Şişecam manages a complex network of payments across multiple jurisdictions, currencies, and counterparties.

As the business expanded, traditional supply chain finance programmes became increasingly difficult to scale consistently across such a broad operating environment. Bringing smaller suppliers into existing programmes was not always practical, while operational complexity continued to grow.

Şişecam’s treasury team therefore sought a solution that could integrate with existing procurement and accounts payable processes, scale across international operations, and connect seamlessly with global financing institutions.

The Multi-Party Structure Behind the Transaction

This search led Şişecam to the Working Capital Notes™ (WCN) solution, delivered through Faturalab and powered by ETR Digital’s Flownote™ technology.

Faturalab acted as the central orchestration layer, coordinating the entire process between the buyer, suppliers, and financing institutions.

Within the programme:

• Buyer-approved invoice data is transferred from Şişecam’s ERP system through the Faturalab platform.
• Working Capital Notes™ are issued using ETR Digital’s Flownote™ technology.
• Isbank UK finances the WCNs, enabling suppliers to receive discounted early payment before invoice maturity.
• All participants monitor the process in real time through a single platform.
• Şişecam settles the Working Capital Notes™ at maturity as part of its normal accounts payable process.

Award-Winning Working Capital Innovation

The GTR Best Deals awards are widely regarded as one of the most respected recognitions in global trade, commodity, and export finance. Being included on the list recognises not only the technical structure of a transaction, but also its strategic contribution to the evolution of trade finance.

Commenting on the programme, Barış Gökalp, Treasury Director at Şişecam, said:

“Working Capital Notes™ do not replace existing structures; they complement them. They add flexibility to the treasury toolkit while connecting trade flows with financing through a digital and scalable framework. It is an innovative instrument, but also one that is secure, robust, tested, and proven.”

Emre Aydın, CEO of Faturalab, added:

“We are delighted to see this transaction, delivered together with Şişecam, Isbank UK, and ETR Digital, receive international recognition. The Working Capital Notes™ structure demonstrates that a supply chain finance model developed in Türkiye can be implemented successfully on a global scale. We look forward to bringing this model to new markets and industries in the years ahead.”