Emirates NBD's E20, MoniMove partner to support SMEs

Wednesday 14 April 2021 15:06 CET | News

Banking group Emirates NBD has partnered with 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 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. 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 tools to guarantee the rights of both buyers and suppliers, while helping to eliminate the parallel economy and foster financial inclusion. 

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Keywords: supply chain finance, partnership
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Middle East
This article is part of category

Banking & Fintech