Offering a mix of thriller, comedy, action, and drama, these films, already box office hits, are sure to bring the festive spirit to one’s TV screens
kt network3 days ago
Aura, a fintech company dedicated to improving SME cash flow through innovative credit solutions, has signed a Memorandum of Understanding (MoU) with Reem Finance, a leading UAE-based financial institution to leverage the latter’s lending capabilities to expand Aura's SME financing platform specifically within the UAE market.
The partnership is set to tackle the substantial credit gap facing SMEs in the UAE, in line with Aura’s goal of offering instant access to funds through invoice discounting. Aura’s solution is particularly vital in a market where over 50 per cent of B2B transactions are conducted on trade credit, often with extended payment terms that hinder SME growth.
The MoU between Aura and Reem Finance brings several key benefits. Firstly, through Aura's invoice financing feature, SMEs can access immediate payment on their invoices, which alleviates cash flow constraints while permitting their clients up to 120 days for payment. Since its launch in May, Aura has successfully executed numerous test transactions, significantly boosting the operational capacity of businesses by ensuring prompt payment for B2B invoices.
Additionally, with Reem Finance serving as the lender of record, Aura is positioned to offer faster payouts to SMEs. This setup not only ensures compliance with regulatory standards but also enhances the efficiency of financial services provided to small and medium enterprises.
Samer El Mardini, co-founder of Aura, said: "This MOU with Reem Finance marks a significant milestone in our efforts to revolutionise SME financing in the UAE. Partnering with Reem Finance, a forward-thinking institution, allows us to focus on enhancing our product and user experience. Leveraging their capabilities and license, we can scale effectively. This collaboration guarantees that we deliver efficient and regulated financial solutions to SMEs, helping them overcome cash flow obstacles and realise their growth potential."
For his part, Seraj Faidi, CEO of Reem Finance, said: "We are excited to partner with Aura to bring advanced financial solutions to the UAE's SME sector. Our financial services platform is designed to support fintech platforms like Aura, and together, we aim to significantly impact the local economy by empowering SMEs with the financial tools they need. By leading the change in the financial services space, we are committed to fostering the growth of SMEs, which make an outsized contribution to our economy."
Offering a mix of thriller, comedy, action, and drama, these films, already box office hits, are sure to bring the festive spirit to one’s TV screens
kt network3 days ago
Zhejiang University PhD Students undertake research internships at Gulf Medical University, strengthening global academic ties
kt network3 days ago
The event will be held on September 21
kt network3 days ago
BAYZ102 and Oasiz are positioned to redefine standards in luxury living and affordability, respectively
kt network3 days ago
Eng. Anas Assi has co-founded and led multiple successful enterprises, setting new standards in healthcare delivery across the country
kt network3 days ago
The upgrade of UAB’s deposit ratings to investment grade (Baa3) reflects the bank’s improved asset quality and profitability metrics; Outlook remains positive
kt network3 days ago