Recent news headlines have underscored the long-standing relationship between fintechs in India and the UAE.
This week, we learned that Indian payment solution provider PayMate has teamed up with both Visa and Citi to automate business payments in the UAE. The collaboration will involve both accounts payables and receivables, enabling institutions to benefit from end-to-end payment automation.
Access to PayMate’s platform also will give corporations in the UAE the ability to take advantage of longer Days Payable Outstanding (DPO) as purchasers, as well as make supplier payments earlier. The platform, which auto-reconciles both made and received payments in real-time, also allows for settling of corporate card payments directly into the accounts of suppliers.
A Visa-certified Business Payment Solution Provider (BPSP), PayMate is looking to leverage its relationship with Visa into offering both its platform and working capital solutions to other countries in the region. More than 105,000 Indian businesses currently use the PayMate platform.
Also this week we learned of that a partnership between the National Payment Corporation of India (NPCI) and UAE-based Mashreq Bank will bring Unified Payments Interface (UPI) to the UAE to support Indian business and leisure travelers to the country.
Unified Payments Interface is an instant, real-time payment system launched by NPCI that enables multiple accounts to be controlled via a single mobile app. The solution supports a wide range of banking features ranging from money transfers to bill sharing and billpay to merchant payments. Introduced in 2016, UPI currently facilitates 10% of all retail payments in India, and has more than 100 million monthly active users in the country. Last year, $457 billion in value moved on the UPI platform, and analysts believe that UPI will top both Visa and Mastercard in India by 2023.
And while bringing UPI to the UAE will be a major boon for Indian travelers and expats in the country, the UAE stands to benefit as well from the support that additional digital payment activity will provide to the UAE’s digital payments ecosystem.
“We are delighted to collaborate with NIPL (NPCI International Payments) to introduce their mobile-based real-time payment systems to our customers in the UAE,” EVP and Head of Payments for Mashreq Bank Kartik Taneja said. “Given the position of UAE as an international commerce and tourism hub, retail merchants in the Emirates always enable the latest payment methods that are expected by our international clients.”
It is worth pointing out that Indians represent the largest expatriate community in the United Arab Emirates, its more than 3.4 million members representing more than 38% of the UAE population. And while this is no surprise to anyone who has visited the UAE, the impact of this sizable population on the fintech industries of both nations is notable. In the summer of 2019, the Dubai Startup Hub, a project of the Dubai Chamber of Commerce and Industry, announced its intention to “woo” Indian fintechs to the UAE with a $100 million fund for financial services startups.
Underscoring Dubai’s role as a “testbed” for enabling technologies like blockchain and AI,” Manager of the Entrepreneurship Department at the Dubai Chamber of Commerce Natalia Sycheva noted that Indian startups represented more than 30% of the total start-up community in the country. “When we decided to launch the programme of attracting overseas start-ups here,” Sycheva said, “naturally the first choice was India, as 30% co-founders of our Dubai Startup Hub have Indian origin.”
Here is our look at fintech innovation around the world.
Latin America and the Caribbean
Asia-Pacific
Sub-Saharan Africa
Central and Eastern Europe
Middle East and Northern Africa
Central and Southern Asia
Photo by Sreenadh TC from Pexels
Current information headlines have underscored the long-standing relationship between fintechs in India and the UAE.
This week, we discovered that Indian cost answer supplier PayMate has teamed up with each Visa and Citi to automate enterprise funds within the UAE. The collaboration will contain each accounts payables and receivables, enabling establishments to learn from end-to-end cost automation.
Entry to PayMate’s platform additionally will give companies within the UAE the power to benefit from longer Days Payable Excellent (DPO) as purchasers, in addition to make provider funds earlier. The platform, which auto-reconciles each made and obtained funds in real-time, additionally permits for settling of company card funds instantly into the accounts of suppliers.
A Visa-certified Enterprise Cost Resolution Supplier (BPSP), PayMate is trying to leverage its relationship with Visa into providing each its platform and dealing capital options to different international locations within the area. Greater than 105,000 Indian companies at the moment use the PayMate platform.
Additionally this week we discovered of {that a} partnership between the Nationwide Cost Company of India (NPCI) and UAE-based Mashreq Financial institution will convey Unified Funds Interface (UPI) to the UAE to assist Indian enterprise and leisure vacationers to the nation.
Unified Funds Interface is an instantaneous, real-time cost system launched by NPCI that permits a number of accounts to be managed by way of a single cellular app. The answer helps a variety of banking options starting from cash transfers to invoice sharing and billpay to service provider funds. Launched in 2016, UPI at the moment facilitates 10% of all retail funds in India, and has greater than 100 million month-to-month energetic customers within the nation. Final yr, $457 billion in worth moved on the UPI platform, and analysts consider that UPI will prime each Visa and Mastercard in India by 2023.
And whereas bringing UPI to the UAE can be a significant boon for Indian vacationers and expats within the nation, the UAE stands to learn as nicely from the assist that further digital cost exercise will present to the UAE’s digital funds ecosystem.
“We’re delighted to collaborate with NIPL (NPCI Worldwide Funds) to introduce their mobile-based real-time cost methods to our prospects within the UAE,” EVP and Head of Funds for Mashreq Financial institution Kartik Taneja mentioned. “Given the place of UAE as a world commerce and tourism hub, retail retailers within the Emirates at all times allow the newest cost strategies which are anticipated by our worldwide shoppers.”
It’s price stating that Indians symbolize the biggest expatriate group within the United Arab Emirates, its greater than 3.4 million members representing greater than 38% of the UAE inhabitants. And whereas that is no shock to anybody who has visited the UAE, the impression of this sizable inhabitants on the fintech industries of each nations is notable. In the summertime of 2019, the Dubai Startup Hub, a undertaking of the Dubai Chamber of Commerce and Trade, introduced its intention to “woo” Indian fintechs to the UAE with a $100 million fund for monetary providers startups.
Underscoring Dubai’s function as a “testbed” for enabling applied sciences like blockchain and AI,” Supervisor of the Entrepreneurship Division on the Dubai Chamber of Commerce Natalia Sycheva famous that Indian startups represented greater than 30% of the whole start-up group within the nation. “After we determined to launch the programme of attracting abroad start-ups right here,” Sycheva mentioned, “naturally the primary selection was India, as 30% co-founders of our Dubai Startup Hub have Indian origin.”
Right here is our take a look at fintech innovation around the globe.
Latin America and the Caribbean
Asia-Pacific
Sub-Saharan Africa
Central and Jap Europe
Center East and Northern Africa
Central and Southern Asia
Picture by Sreenadh TC from Pexels
