Protiviti Member Firm for the Middle East Region, a global consulting firm, and Monimove, an award-winning fintech solution provider, have announced a blockchain strategic alliance.
It aims to empower the trade ecosystem with a fully digitised blockchain enabled platform for greater transparency reduced cost and increased investment protection.
The Monimove platform lays great emphasis on promoting and empowering SMEs, in accordance with the UAE’s National SME Programme, through better liquidity management, reduced disputes and increased focus on growing their business to play a larger role in the UAE economy.
“Our partnership with Monimove enables us to offer our UAE clients across public sector, financial institutions, capex intensive industries and diversified conglomerates, an end-to-end solution for efficient liquidity management, supply chain financing, and block chain enabled trading documentation,” stated Arindam De, Managing Director, Protiviti.
He added: “This will help all the stakeholders in the ecosystem to minimise their credit and operational risk, bring in efficiency and cost savings, which is critical in the present economic environment.”
The partnership will look at leveraging Protiviti’s strong presence in the region and its expertise in the areas of technology, finance, blockchain, risk, compliance and business transformation to provide businesses and financial institutions with Monimove’s unique platform, to facilitate seamless transition and adoption for organisations and minimises discrepancies in financial instruments and provides assurance on delivery and project completions.
Commenting on the alliance, Hashim Al Husseini, Managing Director, Monimove said: “With their in-depth understanding of business operations across industries and strong capabilities in the technology and business consulting domain, Protiviti is the most suited partner for us in the region.”
He further added: “At Monimove, we view problems in supply chain and trade finance from multi stakeholders’ perspective. This approach has helped us in developing a solution that ensures full visibility of money movement on real time basis, meets necessary compliance obligations and enhances financial credibility.”
The platform is in line with the UAE Vision 2021 and National Innovation Strategy and helps prevent misuse of project and procurement funds that encourages local and international investors to participate in UAE’s economic growth.