Veefin Solutions and Invest Bank launched a strategic alliance on Tuesday to offer innovative digital trade finance solutions to companies throughout the United Arab Emirates. Through this partnership, Invest Bank will deploy cutting-edge Supply Chain credit (SCF) solutions, which are intended to improve working capital efficiency, simplify receivables and payables management through specialised open account credit products, and optimise cash flow.
Because firms in the UAE are growing so quickly, it is especially important to deploy the SCF system. There are 1.021 million registered businesses in the nation as of mid-2024, including more than 550 fintech businesses. Furthermore, by 2030, there will be one million SMEs, which emphasises the demand for smooth, technologically advanced financial solutions.
With over 60,000 small and medium-sized businesses and startups worth $424 million spread throughout six free zones and 33 industrial zones, Sharjah makes a substantial contribution to the UAE’s startup environment. Given that SMEs create almost seven out of ten jobs and provide 40% of the nation’s income, their economic importance is evident.
“With our strategic partnership with Veefin, Invest Bank is poised to leverage Supply Chain System to redefine the landscape of open account finance,” CEO Edris Al Rafi stated. This partnership improves our risk management system, raises the bar for customer service, and fortifies our position in cutthroat marketplaces. We are spearheading a revolutionary change in our digital strategy by incorporating state-of-the-art financial technology.
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