haifin, an e& enterprise company (part of e& ) has entered into a Memorandum of Understanding with Vodacom Business, a unit of Vodacom South Africa to transform South Africa's banking industry, marking a significant stride towards digital transformation and a more resilient banking ecosystem.
haifin, formerly known as UAE Trade Connect, gained recognition for its unique value proposition helping to de-risk trade finance lending. By leveraging powerful technologies such as blockchain (Distributed Ledger Technology - DLT), Machine Learning, haifin’s platform has been instrumental in preventing fraud in real-time, saving over a hundred millions dollars for its member banks
The collaboration between Vodacom Business and haifin is expected to significantly enhance the South African banking industry’s ability to manage risk and prevent fraud, particularly in the realm of trade finance. This de-risking solution will enhance lending appetite, thereby increasing revenues for the banks and also improving access to liquidity for SME businesses and corporate borrowers. The signing ceremony, held in Johannesburg, witnessing the formalization of this strategic alliance, with prominent banks, Fintech Association and Credit Bureau from South Africa in attendance.
Zul Javaid, CEO haifin, said: "After our success in the UAE, the partnership with Vodacom marks a significant milestone in our commitment to bring advanced technology platforms into the rest of MEA. Together, we are committed to deliver solutions that will enhance risk management and ultimately drive growth for banks by increasing lending confidence in South Africa.”
“This partnership marks a step toward advancing financial inclusion and responsible lending particularly within our SME segment. As we drive our financial services ambition across Africa, we hope to take our small business owners further together, ensuring they are not left behind as they are the backbone of the economy. This collaboration also forms part of our overall transformation journey, from a telco to a technology solutions partner. With our profound expertise in telecommunications and digital solutions, coupled with haifin’s impressive success story, particularly in the realm of trade finance, this collaboration holds immense promise and unparalleled potential for South Africa's banking landscape” said Videsha Proothveerajh, Director of Vodacom Business
The Vodacom-haifin partnership represents a broader vision for the future of banking in South Africa—one that is more digital, more secure, and ultimately increases lending confidence and driving economic growth. With the backing of Vodacom’s world-class digital infrastructure and haifin’s expertise in financial technology, South African banks are poised to reap the benefits of a digital future.
Source: Press Release