Three Interesting Fintech Partnerships in Abu Dhabi11 Nov 2020 01:50
Abu Dhabi is the capital of the United Arab Emirates (UAE), where the city has built a growing fintech environment in recent years. Key Abu Dhabi partnerships have been a crucial part of the process and continue to go ahead, despite the global pandemic...
Trialling an inventory monetisation programme with Abu Dhabi-based manufacturers and lenders – Supply@ME and iMass investments
Following a joint market assessment, Supply@ME signed a Memorandum of Understanding (MOU) with Khaled Abdulla Almass and his investment company, iMass LLC to facilitate the expansion of Supply@ME into the Middle East market. Supply@ME is a Fintech company that is owned by Italy’s Avantgarde Group, which is traded in the London Stock Exchange (LSE).
The fintech platform can lend money to businesses with tangible, re-sellable assets that are used as security for the loans. However, they remain in customers’ warehouses, which are tracked via a monitoring platform. Those loans are securitised and then sold to investors; should a company default then stocks can be re-sold.
iMass Investments, founded in 2007, was created to invest directly in leading companies and major development and commercial projects in the Europe, Middle East and Africa (EMEA) region across various industries. iMass uncovered via a market assessment that within the UAE region there is an underserved market for inventory monetisation of up to $50 billion USD for principal categories within imported goods, and $28 billion for the main categories of non-oil goods produced in the UAE.
https://thefintechtimes.com/three-interesting-fintech-partnerships-in-abu-dhabi/