February 24, 2021, Dubai, UAE – Royal Strategic Partners (RSP), an affiliate of the private institutional investment house Abu Dhabi Capital Group (ADCG) and Global Links Holding, both leading business development companies with a diversified portfolio of companies across a wide range of market sectors, have acquired 55% of Crediti Fintech shares, thereby becoming the majority shareholders of Crediti Fintech. Crediti Fintech is the exclusive reseller of Monimove platform in the UAE, an award-winning platform introducing the next generation of credit utilization, supply chain and trade finance.
Crediti FinTech Ltd got a valuation of $100 million based on the current achievements and the forecasted business with various governmental entities and banking partners. This valuation is derived from an innovative solution enabling a smooth digital transformation across the trade ecosystem. Monimove platform aims to mitigate operational risk, eliminate cash usage & letter of credits, reduce disputes, and enhance trust among all stakeholders. The platform is blockchain enabled and it offers an end-to-end transparency throughout the trade cycle, increase credibility and reliability in the business while reducing cost and managing risks. These values are further enhanced by Protiviti Member Firm for the Middle East Region, Monimove’s operator cum alliance partner in the UAE and a leading global consulting firm with strong presence in the region and expertise in the areas of technology, finance, banking, blockchain, risk, compliance, and business transformation.
H.E Abubaker Seddiq Al Khouri will be the Chairman of Crediti FinTech Ltd, under his leadership and building on RSP’s strategy and add value to the country. Crediti Fintech will be able to pursue its goal of revolutionizing the current credit utilization model, introducing a seamless trade solution, and supporting local businesses. By aligning with, UAE’s vision, Crediti Fintech will play vital role in the national economic growth and in creating a transparent and credible ecosystem to support SMEs which is crucial, especially in these dire times.
Dr. Hamad Al Ali, RSP CEO said “This transaction fits perfectly with RSP’s strategy and vision to create and develop pioneering technology products and build a sustainable eco system for enhancing user experience. We envisage that our experience would help the Monimove platform make a positive impact within the UAE. We strongly believe in the success of Monimove platform and foresee that it will truly become the next generation platform, bringing in innovation in credit utilization, supply chain and trade finance.
Hashim Al Hussaini, Crediti Fintech CEO & MoniMove platform co-founder said “We are excited to combine our innovative technology with the experience of our new partners, strong presence in the market and their deep expertise will expedite our growth enabling us to lead the market and together, we will fundamentally change the business culture, we will unlock the full potential of digital trade while fighting the parallel economy and supporting SMEs, something that Crediti considers an integral part to its success”
“We are thrilled to partner with MoniMove platform to support the UAE governmental entities in its digital transformation journey, we decided to be part of this acquisition since it matches our values and aspirations to strengthen different sectors and protect the local businesses“ said Mr. Ali Al Mulla, GLH Chairman.
Arindam De, Managing Director, Protiviti Member Firm for the Middle East Region said “The increasing acceptance of the Monimove platform amongst banks, government entities, corporate establishments and SME segment reinforces our belief in the increasing influence of Fintech in the UAE and will be a boost to the burgeoning platform economy in the region. The stake acquisition by RSP and Global Link will further enhance the growing reputation of Crediti in the UAE, and I am confident that together we can scale greater heights in taking Monimove platform to the next level”.
Founded in 2019, Crediti is a DIFC fintech company and the exclusive reseller of Monimove platform in the UAE. The platform is operated by Protiviti, it was built using the advanced OutSystems Technology and 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.
Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Protiviti and our independent and locally owned Member Firms provide clients with consulting and managed solutions in finance, technology, operations, data, analytics, governance, risk and internal audit through our network of more than 85 offices in over 25 countries.