The Dubai government-owned bank Emirates NBD partners with the Supply Chain firm Monimove to complement the bank’s E20. digital business bank initiative that aims to empower entrepreneurs, startups, SMEs and other businesses in the UAE.
This alliance will enable Emirates NBD’s SME clients to execute their local and international transactions smoothly on an innovative supply chain management platform where they will gain flow-on benefits by saving time, mitigating operational risks and reducing costs.
The collaboration 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.
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.
The platform is blockchain enabled to secure transactions and facilitates paperless and cashless interactions for the entire ecosystem. Moreover, it offers innovative tools to guarantee the rights of both buyers and suppliers, while helping to eliminate the parallel economy and foster financial inclusion.
The Group Chief Operating Officer of Emirates NBD, Abdulla Qassem, said:
“As a digital pioneer that has led innovation in the region’s banking sector, Emirates NBD remains committed to developing ways to digitise 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.”
