Dubai – Mubasher: Emirates NBD has entered into a partnership to integrate the fintech platform MoniMove, owned by DIFC-based Credit Fintech, with the bank's E20., a digital business initiative targeting entrepreneurs, startups, small and medium-sized enterprises (SMEs), and other businesses in the UAE.
The partnership is in line with the bank's digital strategy that aims to strengthen innovation in digital banking in the region and enhance the tech startup ecosystem, according to a press release on Tuesday.
Under the partnership, the bank's SME clients will be enabled to implement their local and international transactions seamlessly on an innovative supply chain management platform, helping them to save time, mitigate operational risks, and cut costs.
Meanwhile, Emirates NBD can assess the SMEs’ behaviour and build credit profiles that would increase the bank’s lending appetite to SMEs.
The CEO of MoniMove, Mansour Al Hussaini, said: "We are committed to a shared vision to improve the way business is done, supporting local SMEs and growing the national economy."
The Group Chief Operating Officer at Emirates NBD, Abdulla Qassem, commented: "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."