Source: Emirates NBD
Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, is partnering with award winning fintech platform MoniMove to complement the bank's E20. digital business bank initiative that aims to empower entrepreneurs, startups, SMEs and other businesses in the UAE.
The partnership is aligned to Emirates NBD’s digital strategy as the bank continues to lead innovation in digital banking in the region and actively participate in the tech startup ecosystem.
The alliance will enable Emirates NBD's SME clients to execute their local and international transactions seamlessly on an innovative supply chain management platform where they will gain flow-on benefits by saving time, mitigating operational risks and reducing costs.
Launched in 2019, MoniMove provides visibility across the entire supply chain from ordering to invoice payment, spurring collaboration and enhancing trust among all stakeholders to boost business credibility.
By integrating with E20., users transacting on the MoniMove platform will achieve a high level of transparency and credibility providing the bank with visibility on their end-to-end transactions and interactions with suppliers. With detailed reports and analysis issued by MoniMove, Emirates NBD can periodically assess an SMEs’ behaviour and build credit profiles that would increase the bank’s lending appetite to SMEs.
The platform is blockchain enabled to secure transactions and facilitates paperless and cashless interactions for the entire ecosystem. Moreover, it offers innovative tools to guarantee the rights of both buyers and suppliers, while helping to eliminate the parallel economy and foster financial inclusion. These values are further enhanced by Protiviti Middle East Member Firm, MoniMove’s operator in the UAE and a leading global consulting firm with strong expertise, credentials in the areas of technology, finance, banking, blockchain, risk, compliance and business transformation.
“We are thrilled with this landmark partnership which brings us one step closer to our ultimate objective of instilling transparency and reliability in digital trade,” said Dr. Mansour Al Hussaini, CEO, MoniMove. “Partnerships remain central to how we operate and we are proud to collaborate with one of the biggest and most forward looking banks in the region. We are committed to a shared vision to improving the way business is done, supporting local SMEs and growing the national economy”
Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, said: “As a digital pioneer that has led innovation in the region’s banking sector, Emirates NBD remains committed to developing ways to digitise our clients’ business processes to enable them to unlock greater efficiencies in their operations, while increasing transparency, enhancing trust and reducing risk. We are delighted to partner with MoniMove to provide a unique proposition to our customers to support their supply chain processes across various geographies and help them get easier access to financing by boosting their business credibility. We remain committed to accelerating the development and market introduction of digital banking products and services as we continue to take the lead in supporting the UAE’s long-term vision of a digital economy.”