April 7, 2021, Dubai, UAE – Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, is partnering with award winning fintech platform MoniMove to complement the bank’s E20. digital business bank initiative that aims to empower entrepreneurs, startups, SMEs and other businesses in the UAE.
The partnership 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.
The alliance will enable Emirates NBD’s SME clients to execute their local and international transactions seamlessly on an innovative supply chain management platform where they will gain flow-on benefits by saving time, mitigating operational risks and reducing costs.
Launched in 2019, MoniMove provides visibility across the entire supply chain from ordering to invoice payment, spurring collaboration and enhancing trust among all stakeholders to boost business credibility.
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 detailed reports and analysis issued by MoniMove, Emirates NBD can periodically assess an SMEs’ behaviour and build credit profiles that would increase the bank’s lending appetite to SMEs.
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. 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.
“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,” said Dr. Mansour Al Hussaini, CEO, MoniMove. “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”.
Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, 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.”
MoniMove is a fintech platform owned by Credit Fintech Ltd., a local DIFC based company. The platform was founded in 2019 by Dr. Mansour Al Hussaini, a leading entrepreneur with multiple successful businesses. MoniMove is operated by Protiviti and was built using the advanced OutSystems Technology. It utilizes Blockchain technology to support SMEs and national economies by providing end-to-end visibility, credibility, efficiency and complete ecosystem transparency to full supply chain management.
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading Banking Group in the MENAT region. As at 31st December 2020, total assets were AED 698 Billion, (equivalent to approx. USD 190 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Bank expanding its presence to 13 countries, servicing over 14 million customers. The Bank is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands.
The Bank has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Bank announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named ‘UAE’s Best Bank’ in 2020 for a fifth consecutive year by Euromoney. In addition, Emirates NBD received the ‘Excellence in Leadership in the Middle East’ award, introduced this year in light of the Covid-19 impact, as a recognition of its efforts in responding to the Covid-19 crisis. The Bank is ranked 87th in The Banker’s list of the World’s Top 1,000 Banks. Emirates NBD was named ‘Bank of the Year – UAE 2020’ for the sixth year and ‘Bank of the Year – Middle East 2020’ for the third time by The Banker. In addition, Emirates NBD has been assessed as the ‘Strongest Bank in the UAE’ and ‘Fifth Strongest Bank in the Middle East’ by The Asian Banker 500 Largest and Strongest Banks Rankings.
The Bank has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 915 branches and 4,029 ATMs / SDMs. The Bank has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.
Emirates NBD is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. The Bank is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.
For more information about ENBD, please contact:
Head of Corporate Affairs
Landline: 6094113 9714/Mobile: 971506538937
Batoul Al Beitouni
Phone # 971-4-4507600