Worldbank on growth projection for UAE states that growth in the UAE is expected to reach to 2.5% by 2022; while world bank projection is supported by government recovery plans, higher oil prices and production capacity with a boost from Dubai Expo2021, another contributing factor to the country’s growth are Small and medium sized enterprises (SMEs). SME’s the backbone of a country have the potential to create jobs, innovate and contribute to economic growth.
The UAE government strategic planning and vision 2021 highlights offers great support and recovery from pandemic. Looking at the statistics, the government projection for 2021 showcases SME participation in UAE non-oil economy to reach 70% [which is currently over 60%]. Categorizing based on verticals, the SME’s make up 73% of UAE wholesale and retail sector, 16% of services and 11% of industrial sector.
So, although SME’s have vast potential to help an economy, they struggle with poor access to finance and insufficient cashflow. According to Fitch ratings –
Bank lending to SMEs is negligible, representing less than 5% of total loans, lower than the average in the Middle East and North Africa as well as other regions.
The government has announced a stimulus package, also urging them to embrace digital technology but still the SME’s suffer. One of the core reasons is that SME’s in UAE are already invested in “certain business model” , “reinvesting” or renovating comes at a price.
That’s where “fintech” can promise to be the bridge of “getting banking services” packed with hassle-free and secured wrapping.
Our post of today would speak about some of “promising” fintech players that can offer SME’s in UAE not only easy access to credit, but also seamless integration to their legacy business model.
Telr is a Dubai-based start-up offering payment gateway solutions to SME’s, government bodies and large corporates. The platform is designed to handle complex integrations and unique payment methods. TELR offers its customers to transact in over 120 currencies with payment platform capabilities in 30 languages with a range of financial and business services that include social commerce, QR Codes, anti-fraud protection, Shopping Cart Integrations, and digital invoicing.
Hylobiz, an SME neobank helps is a complete solution to a business in need. The platform offers pre-integrated ERP’s that can help accountants and bookkeepers in creating, managing tracking and most importantly reconciling by EOD. The Sales and accountants can boost their business with faster collections and managing a digital stockhouse for their buyers. The platform evolved to assist every business in availing Connected banking services that help them in collecting money faster, digitizing their transactions and avail automation using integrated ERP and Bank feature.
Hylobiz can assist SME’s and their accounting, sales and marketing team with pre-integrated ERP’s for real-time collections for efficient working capital with credit access benefits like loan, insurances and business credit card.
Hyperpay, another payment gateway that saw a shift to online retail during the pandemic launched a product to allow marketplace merchants to send fast, end-to-end payments via one platform to users — be they vendors, drivers, freelancers or service providers. The service allowed smaller merchants in the kingdom to compete with dominant international apps, as delivery-based services became vital in sustaining people through Covid restrictions
Paytabs offers buyers and sellers to pay and get paid. Their hassle free online payment solution specifically targeted to small and medium size enterprises allow them to accept credit and debit card payments at reasonable rates and grow their businesses with stronger cash flow. Paytabs is currently offering its solutions in more than 17 countries across the Middle East, North Africa and South East Asia.
Zbooni a social commerce platform assists small business owners and enterprises in accepting payments online, in-person or via a POS device. It acts as a digital marketplace, enabling sales to be completed via messaging services such as WhatsApp, crucially fulfilling card payments.
Businesses, SME’s and enterprises need a helping hand and technology could be that “assistant” to scale their growth and create more work opportunities Businesses can flourish if the owner knows “how effectively to use a tool”, Hylobiz is one such tool that can empower your business.
Get in touch with us, and we can help you with the smooth adoption of digital channels. Hylobiz one-stop solution for all your accountant, sales and business needs to reconcile, integrate ERP’s, send invoice digitally, track cash and cheque collection and create a distribution channel.