Emirates NBD joins with fintech platform MoniMove to promote SMEs

By Shilpa Annie Joseph, Official Reporter
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One of the largest banking groups in the Middle East, Emirates NBD has partnered with MoniMove, an award-winning fintech platform in order to support the bank’s E20. digital business bank initiative, which aims to empower UAE entrepreneurs, startups, small and medium-sized enterprises (SMEs), and other companies.

The collaboration is in line with Emirates NBD’s digital strategy, as the bank continues to lead the area in digital banking innovation and participates actively in the tech startup ecosystem.

Through this partnership, Emirates NBD’s SME clients would be able to conduct their local and international transactions seamlessly on an advanced supply chain management platform, gaining flow-on benefits such as time savings, operational risk mitigation, and cost reduction.

According to the company statement, 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 MoniMove’s comprehensive reports and analysis, Emirates NBD can evaluate SMEs’ behavior regularly and create credit profiles that will increase the bank’s lending appetite to SMEs.

The MoniMove platform is blockchain-powered to secure transactions and allows paperless and cashless interactions for the entire ecosystem. Furthermore, it provides cutting-edge tools for ensuring the interests of both consumers and suppliers, as well as assisting in the elimination of the parallel economy and the promotion of 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.

Abdulla Qassem
Abdulla Qassem
Group COO
Emirates NBD

“As a digital pioneer that has led innovation in the region’s banking sector, Emirates NBD remains committed to developing ways to digitize 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.”

“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. 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,” said Dr. Mansour Al Hussaini, CEO at MoniMove.

Related: Dubai RTA to have Paperless Bank Guarantee Process with Emirates NBD support