Triterras, a leading financial technologies (fintech) company focused on digital trade and supply chain finance, has announced a strategic alliance with Oman-based Mamun, an embedded fintech infrastructure as a service and finance provider.
Triterras, a global fintech firm co-headquartered in Singapore and Dubai, is a leading innovator of inclusive finance solutions for the world’s micro, small, and medium enterprises (MSMEs).
The collaboration between Triterras and Mamun aims to bolster the trade finance and short-term lending landscape in Oman. This collaboration harnesses Triterras’ technological expertise and leverages Mamun’s experience in Oman’s financial services sector.
The strategic alliance will initially target the MSMEs finance sector in Oman, with a specific emphasis on the food and beverage industry. The collaboration will also enable Triterras to offer its financing platform to banks in Oman on a white-label basis.
As part of the alliance, Triterras will introduce eDirect Debit, a direct debit payment technology developed by Mamun, in the UAE market. eDirect Debit is designed to offer businesses a seamless and highly efficient payment solution, with the aim of enhancing the ease of handling transactions within the region.
“One of the key challenges for startups and micro businesses is a lack of capital and financing, which hinders growth and accessibility to markets. Our primary aim is to enable MSMEs with access to immediate and workable financial solutions to maintain business continuity and foster growth opportunities,” Ashish Srivastava, Chief Commercial Officer at Triterras said in a press statement.
“This collaboration strengthens our commitment to deliver cutting-edge finance solutions that meet the evolving needs of businesses in Oman, and the wider Middle East region. This two-way agreement facilitates Triterras’ expansion in the MENA region,” Srivastava added.
On his part, Mohammed al Tamami, Co-Founder and Chief Commercial Officer at Mamun, said, “We are excited to witness the expansion of our eDirect Debit technology into the UAE through our collaboration with Triterras.”
Mamun is an embedded finance and payments startup headquartered in Muscat, specialising in peer-to-peer lending and crowdfunding tailored for MSMEs. The platform is dedicated to offering robust financial support, particularly in trade finance, invoice financing, and working capital loans.
With Oman’s vibrant market in mind, the collaboration between two fintech firms potentially makes a substantial impact on businesses looking for finance by simplifying access to financial resources. As with Triterras’ global mission, the collaboration will support MSMEs, enhancing financial inclusivity for businesses in Oman.