Financial News

A New Fintech Platform, Funding Possibilities Is About to be Launched In the UAE

Published

1 year ago

January 26, 2023

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A group of six professional entrepreneurs across the UAE and India, who have invested in more than 75+ start-ups and helped businesses raise US$500 million worth of capital, have joined hands to launch a Fintech Platform called Funding Possibilities that will connect start-ups with investors, borrowers with lender and buyers with the seller. The mission of this platform is to bridge the gap between investors and new-age businesses.

Funding or access to capital has significantly hindered the growth of start-ups and micro, small and medium enterprises (MSMEs) in the UAE. Funding Possibilities is a sought-after platform for both seekers and providers of capital, providing access to various forms of capital beyond equity, including traditional debt, alternative and structured finance. It aims to make private markets more accessible and transparent.

It seeks to give retail investors access to start-ups and enable retail investors to contribute to the overall start-up ecosystem and new-age businesses.

Funding Possibilities is a sector and stage agnostic platform aiming to build more than ten profitable unicorns, i.e., Profi-Corns, in the coming decade.

The launch of Funding Possibilities comes barely three weeks after the launch of the Dubai Economic Agenda ‘D33’ by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, that includes 100 transformative projects, with economic targets of Dh32 trillion over the next ten years, doubling its foreign trade to reach Dh25.6 trillion and adding 400 cities as key trading partners over the next decade. More than 400,000 SMEs operate. They represent more than 60 per cent of the UAE’s non-oil economy and provide employment opportunities for 86 per cent of the workforce in the private sector, the Khalifa Fund for Enterprise Development reports.

“Dubai will rank as one of the top four global financial centres with an increase in FDI to over Dh650 billion over the next decade and an annual Dh100 billion contribution from digital transformation. Over 300,000 global investors in Dubai today are helping build Dubai into the fastest growing global city,” HH Sheikh Mohammed Bin Rashid Al Maktoum said in a statement.

Dubai is home to more than 10,000 small and medium start-ups. Funding is crucial for the success of start-ups as well as MSMEs. Funding Possibilities would play a significant role in helping start-ups and new-age businesses to grow and become profitable unicorns, i.e. Profi-Corns in future. This will help these businesses play an essential role in realizing Dubai Government’s D33 Vision.

Sheetal Soni, CA, CFA Charter Holder and Founder of Funding Possibilities, says, “Increasing funding options is necessary for the UAE’s small businesses and start-ups. Funding Possibilities is set to fill a clear gap in the start-up and MSME space providing quality funding channels for them to grow and fuel the growth of the UAE economy.

“The launch of Funding Possibilities is well timed with the announcement of D33 – which will accelerate the growth of the economy of Dubai and the UAE in the next decade. It will bring investors closer to the start-ups for multi-stage funding and provide small businesses with the working capital requirement.”

Start-ups across the Middle East, Africa, Pakistan and Turkey raised $7.2 billion through 1,473 deals. Last year, despite macroeconomic and geopolitical uncertainty, according to a report by data platform Magnitt. With Funding Possibilities, this number will multiply to help thousands of start-ups in the early stage of incubation.

The Funding Possibilities comprise highly-qualified chartered accountants, certified public accountant professionals, tech geek, and serial business entrepreneurs.

Prateek Toshniwal, CA and Co-Founder of Funding Possibilities, says, “We will serve the business community with curated deals to suit their needs, ease informed investment through a four-dimensional due diligence process, provide ease of exits and need-based relevant information at the user’s palm.

“In a nutshell, we want to build a community of start-ups, investors, bankers, alternative finance providers, wealth managers, private equities, family offices, venture capitalists and all other private institutional players.

“We will create a knowledge and resource bank for start-ups, create an eco-system to find the right co-founders, help them in ease of capital raise through various sources of capital, handhold at various stages of their journey from incubation to profitable unicorns.”

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Ajman Bank Among the First in the UAE to Accept Jaywan Cards Across its ATM Network

Published

4 days ago

June 26, 2024

Integrator Web-Editor

Ajman Bank is among the first banks in the UAE to successfully integrate Jaywan card acceptance across its ATM network, facilitating seamless cash withdrawals for Jaywan cardholders.

The Jaywan card, launched by Al Etihad Payments, a subsidiary of the Central Bank of the UAE, is designed to boost efficiency and sovereignty in the national payment landscape by promoting digital transactions in the local currency.

Mr. Mustafa Al Khalfawi, CEO of Ajman Bank said, “We are proud to be one of the first banks in the UAE to accept Jaywan cards on our ATMs. This initiative reflects our dedication to innovation and our commitment to contributing to the UAE’s domestic payments agenda. We are confident that this will enhance the payment experience for Jaywan cardholders while supporting the broader economic goals of the nation.”

Jan Pilbauer, CEO, Al Etihad Payments, said, “Jaywan has been launched in line with a vision to expand the national financial market infrastructure in the UAE. Jaywan cards are designed to offer convenience for customers of UAE’s Licensed Financial Institutions, being progressively accepted across all payment channels – ATMs, Point of Sale, and eCommerce. Our partnership with Ajman Bank, along with other financial institutions in the UAE, marks a significant step towards enhancing convenience and accessibility for users throughout the UAE.”

Financial

Reem Finance signs with Network International to accelerate digital transformation

Published

4 days ago

June 26, 2024

Integrator Web-Editor

Network International (Network) has announced the signing of a strategic partnership with Reem Finance, the leading financial services provider in the UAE. The strategic alliance aims to leverage Network’s expertise to provide a fully-fledged payment processing solution to support the digital transition.

The partnership with Network complements Reem Finance’s focus on offering customers with a unique banking experience in tune with the digital age. The scope of services includes a comprehensive range of products and services from transaction processing, card hosting and management, as well as value-added services. As the region’s largest payment solutions company, Network is committed to supporting the UAE financial services sector by providing innovative solutions to customers and enhancing the experience of consumers.

Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, commented, “We are thrilled to partner with Reem Finance as we jointly deliver innovative digital payment solutions that offer an effortless and secure experience for customers. Our collaboration builds on Network’s three decades of experience and expertise in creating world-class digital payments infrastructure and services for clients. It underscores Network’s commitment to empowering our partners with cutting-edge processing services and value-added solutions and driving growth in the UAE financial services industry.”

Mr. Seraj Faidi, CEO of Reem Finance,said: “As part of our ongoing commitment to enhancing the quality of our products and services for our esteemed clients, and in light of our recent collaborations with prominent service providers and partners, we are delighted to partner with Network International to explore innovative paths to accelerate digitizing our services to better serve our customers. This engagement is an important step for Reem Finance in expanding our capabilities to provide top tier, friendly and easy to use services to our customers. We are confident that with Network International, the processing of card transactions related to both consumer and commercial sectors will be state-of-the-art and seamless. We are committed to playing a vital role in elevating the financial system in the UAE, delivering value to our shareholders, and prioritizing the needs of our clients.”

Financial

To drive innovation and economic growth across the region, BKN301 Group uses its BaaS Orchestrator solution ‘301pay’ to elevate MENA’s eCommerce landscape

Published

5 days ago

June 25, 2024

Integrator Web-Editor

Leading the charge in innovation, BKN301 Group’s advanced BaaS orchestrator payment gateway solution ‘301pay’ has been providing businesses of all sizes with unprecedented control over their payment processes, contributing to the ongoing growth of the MENA eCommerce market. The multi-merchant payment orchestrator platform allows businesses to effortlessly accept payments from customers worldwide through developer-friendly APIs, further streamlining global transactions and expanding market reach, while improving customer satisfaction.

The Middle East’s eCommerce market is projected to attain a valuation of USD 50 billion by 2025, due to the widespread adoption of cutting-edge technologies, growth of a young and tech-savvy population, and burgeoning disposable income levels in the region. Moreover, governments and organisations across the MENA region are key advocates of advanced digital transaction systems, driving the growth of the wider fintech infrastructure.

As a leading digital payments and Banking-as-a-Service (BaaS) provider, BKN301 Group has designed the ‘301pay’ solution to revolutionise the eCommerce landscape. The B2B solution allows eCommerce businesses to easily manage the payment acceptance process, ensuring security and compliance with regulations through its unique features such as one-click payment, multi-currency options, recurrent payment system, pay by link and QR payments, checking account, and customer collection disbursement services.

Stiven Muccioli, Founder and CEO of BKN301 said, “We are delighted by the success of our innovative online payment gateway 301pay, which aims to elevate the eCommerce retail experience, aligning with the broader national goals of digitisation. Cutting-edge payment systems are the cornerstone of eCommerce businesses worldwide, transforming how they operate and engage with customers. Bolstered by the success of 301pay, we remain committed to pioneering innovations in the regional fintech landscape, driving ubiquitous growth.”

Globally, the online payment gateway market is poised to cross USD 28.66 billion by 2029, growing at a CAGR of 16.95 per cent. Rising eCommerce sales, rapid internet penetration, and evolving online consumer and business demands, have all contributed to the growth of the online payment gateway market, paving way for the rise of simple online payment systems.

By synergising its robust capabilities, BKN301 is pioneering an enhanced business experience while elevating consumer satisfaction across the MENA region. The steadfast adoption of advanced technologies like Artificial Intelligence (AI) and Internet of Things (IoT) that aid in automating complex processes has positioned the group as a leader in the regional online payment landscape.