On Tuesday, Invest Bank and Veefin Solutions launched a strategic alliance to offer businesses throughout the United Arab Emirates state-of-the-art digital trade finance solutions. Through this partnership, Invest Bank will deploy cutting-edge Supply Chain credit (SCF) solutions, which are intended to improve working capital efficiency, optimise cash flow, and simplify the management of payables and receivables through specialised open account credit products.
The SCF system’s deployment is especially important because of how quickly enterprises are growing in the United Arab Emirates. Over 550 fintech companies are among the 1.021 million registered businesses in the nation as of mid-2024. Furthermore, it is anticipated that there will be one million SMEs by 2030, which will increase need for smooth, technologically advanced financial solutions.
About 60,000 small and medium-sized businesses and startups worth $424 million are based in Sharjah’s six free zones and 33 industrial zones, making it a major contributor to the UAE’s startup ecosystem. Formal SMEs are important economically since they create about seven out of ten jobs and contribute 40% of the nation’s income.
Invest Bank CEO Edris Al Rafi stated: “With our strategic alliance with Veefin, Invest Bank is well-positioned to use Supply Chain System to revolutionise the open account lending market. This partnership improves our risk management system, raises the bar for customer service, and fortifies our position in cutthroat marketplaces.
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