Invest Bank has announced a strategic partnership with Veefin Solutions to introduce innovative digital trade finance solutions for businesses across the UAE . This collaboration will see the implementation of advanced Supply Chain Finance (SCF) solutions, aimed at optimizing cash flow, improving working capital efficiency, and streamlining the management of receivables and payables through specialized open account finance products. Deploying the SCF system is particularly crucial given the rapid expansion of businesses in the UAE. As of mid-2024, the country is home to 1.021 million registered enterprises, including over 550 fintech companies. Additionally, SMEs are projected to reach one million by 2030, reinforcing the need for seamless, technology-driven financial solutions. Sharjah plays a vital role in the UAE’s startup ecosystem, with around 60,000 small to medium-sized enterprises (SMEs) and startups valued at $424 million, spread across six free zones and 33 industrial zones. SMEs contribute to 40% of the national income and create approximately seven out of every 10 jobs, underscoring their economic importance. Edris Al Rafi, Chief Executive Officer at Invest Bank said: "With our strategic partnership with Veefin, Invest Bank is poised to leverage Supply Chain System to redefine the landscape of open account finance. This collaboration […]
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