Kyriba Banks On Middle East Treasury Management

The United Arab Emirates has emerged in just the past few years as a bustling hub for cash flow management innovation. Startups and big banks alike are setting up shop in the region to provide new services to the nation’s businesses, from supply chain financing to alternative lending.

This week, cloud treasury management servicer Kyriba became the latest company to enter the Middle Eastern market. In a statement published Monday (June 1), Kyriba revealed that it has launched a new headquarters based in Dubai to expand its treasury management services across the region, including Lebanon, Egypt, and throughout the Arabian Peninsula.

For Kyriba CEO and chairman Jean-Luc Robert, the decision to establish roots in the region was a matter of meeting high demand. “We have seen a lot of pent-up interest from companies across the Middle East who are looking to manage their cash and treasury in a more strategic, process-driven manner,” he said in the company announcement, adding that he is “confident” Kyriba will provide the same quality in SaaS treasury management to the Middle East as is already established by the firm throughout Europe and Asia.

The UAE’s robust business population means that treasury management is in high demand. “Dubai and the UAE are the home to some of the world’s largest and most successful companies, but it is an underserved region when it comes to next generation treasury management,” said Kyriba Middle East FZ-LLC Roger Baroutjian, who also serves as the company’s executive managing director of the company’s joint venture partner, Surety Computer Systems.

In recent months, Barclays revealed a new digital procurement solution for businesses in the UAE, and Citi inked a deal with Etihad to launch a supply chain financing service for the airline’s UAE suppliers. Meanwhile, smaller businesses in the nation have urged the development of other financing options through alternative P2P lenders like UAE-based Beehive Group.