Invest Bank and Veefin Solutions Partner to Enhance Digital Trade Finance

Invest Bank has entered into a transformative partnership with Veefin Solutions to introduce state-of-the-art digital trade finance solutions for businesses across the UAE. This collaboration focuses on deploying advanced Supply Chain Finance (SCF) systems aimed at enhancing cash flow, optimizing working capital, and simplifying the management of receivables and payables through tailored open account finance products.

Addressing the Growing Demand for Financial Innovation

The implementation of the SCF platform comes at a critical time, given the rapid growth of the UAE’s business landscape. By mid-2024, the country recorded 1.021 million registered businesses, including over 550 fintech companies. Projections further indicate that the number of small and medium enterprises (SMEs) will reach one million by 2030, underscoring the urgent need for advanced, technology-driven financial solutions.

Sharjah's Expanding Startup Ecosystem

Sharjah plays a pivotal role in the UAE's entrepreneurial ecosystem, hosting around 60,000 SMEs and startups valued at approximately $424 million. These enterprises operate across six free zones and 33 industrial zones. SMEs contribute significantly to the nation’s economy, accounting for 40% of the UAE's GDP while generating nearly 70% of all jobs, reflecting their undeniable economic importance.

Edris Al Rafi, Chief Executive Officer at Invest Bank said: "With our strategic partnership with Veefin, Invest Bank is poised to leverage Supply Chain System to redefine the landscape of open account finance. This collaboration not only strengthens our position in competitive markets but also enhances our risk management framework and elevates client service standards. By integrating cutting-edge financial technology, we are driving a transformative shift in our digital strategy, empowering businesses with seamless financial solutions while reducing dependency on traditional banking infrastructure.”

Enhanced Cash Flow and Risk Management

The new SCF system empowers businesses by offering flexible financial management options. Companies can choose early payment discounts or extended payment terms, ensuring that liquidity aligns with their operational cycles. Moreover, the system strengthens risk management by providing real-time visibility into the financial health of both buyers and suppliers, facilitating data-driven decision-making. By bridging the gap between payables and receivables, the solution further boosts working capital efficiency and supports sustainable business growth.

Gautam Udani, Co-Founder and Chief Operating Officer at Veefin Solutions, said: “We are glad to support Invest Bank in its mission to digitize Supply Chain Finance. Our platform will help replace legacy manual systems with an intuitive, fully automated digital solution, ensuring faster approvals, better transparency, and a superior user experience for businesses seeking financing."

End-to-End Digital Transaction Processing

The SCF platform enhances both customer and bank operations by digitizing the entire transaction lifecycle—from application to funding and settlement. This automation improves operational efficiency, scalability, and user control. The system also streamlines customer onboarding, underwriting, transaction handling, and collections, creating a resilient technological infrastructure that aligns with Invest Bank’s ambition to become a leading cloud-based financial institution.

Driving Innovation and Economic Growth

Invest Bank’s collaboration with Veefin Solutions marks a significant step in its digital transformation journey. This partnership reinforces the bank’s commitment to customer-centric innovation, improving service speed, reliability, and operational excellence. Furthermore, it strengthens Invest Bank’s role in advancing Sharjah’s economic development while promoting greater community engagement.