The collaboration is aligned with Emirates NBD’s digital strategy as the bank continues to lead the region in digital banking innovation and participates in enhancing the tech start-up ecosystem.
Emirates NBD, one of the largest banking groups in the MENA region, is partnering with award-winning fintech platform MoniMove to support the bank’s E20. digital business bank initiative that endeavors to empower UAE entrepreneurs, startups, small and medium-sized enterprises (SMEs), and other companies.
The collaboration is aligned with Emirates NBD’s digital strategy as the bank continues to lead the region in digital banking innovation and actively participates in enhancing the tech start-up ecosystem. Emirates NBD’s SME clients will be able to implement and execute their local and international transactions seamlessly on an innovative supply chain management platform, gaining flow-on benefits such as time savings, operational risk mitigation, and cost reduction.
This integration with E20. will allow users transacting on the MoniMove platform to achieve a high level of transparency and credibility, allowing the bank to regularly evaluate the SME’s behavior and build credit profiles that would increase its lending appetite to SMEs.
"We are committed to a shared vision to improve the way business is done, supporting local SMEs and growing the national economy," said MoniMove CEO Dr. Mansour Al Hussaini. "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."
The platform is block chain-powered to secure transactions and facilitates paperless and cashless interactions for the whole ecosystem. It provides state-of-the-art tools to ensure the interests of both buyers and suppliers are met, while working towards eliminating the parallel economy and championing financial inclusion.