B2B Payments

UAE’s Rising SME FinServ Market Attracts MasterCard

The United Arab Emirates is today’s hotbed of action for enterprise-focused financial services. Some of the world’s largest banks like Barclays and Citi have launched new B2B FinServ ventures in the region, while domestic startups like Beehive are exploring their own business financing innovations.

The buzz has now attracted MasterCard for its latest effort in enterprise-focused services. Reports said that the credit card firm announced Tuesday (June 9) that it has paired up with Emirates NBD subsidiary Emirates Money to launch a new commercial card program aimed towards small- and medium-sized enterprises.

The new Emirates Money MasterCard Business Credit Card will be beneficial to both SMEs and to Emirates Money, said the company’s chairman Suvo Sarkar. “This offering will position Emirates Money as an end-to-end finance solutions provider for SME entrepreneurs in the UAE, leveraging the existing range of tailor-made solutions to meet all their financing and payment needs,” he said in a statement, adding that the company anticipates that up to 30 percent of its small business customers will sign on to the service.

The commercial card comes equipped with various features that have become the norm for MasterCard enterprise services, including business protector insurance and a comprehensive cash back plan, the companies said.

Emirates Money has been making headway in its effort to serve the UAE’s small business sector over the last few months, with its SME lending operations taking center stage. According to the company, it has already provided more than 25,000 loans to small businesses since operations began in 2008.

Earlier this month, MasterCard announced another partnership to aid businesses in managing their cash flow. Financial management software firm Coupa teamed up with MasterCard to roll out a new Control for Commercial Payments virtual card, which runs along with Coupa’s Procure to Pay platform.

——————————–

Latest Insights: 

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The May 2019 AML/KYC Tracker, provides an in-depth examination of current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

Click to comment

TRENDING RIGHT NOW

To Top