UAE Protiviti and Monimove partner to build blockchain trade platform
UAE based Protiviti Member Firm ,a global consulting firm and Monimove, an award winning fintech solution provider, have signed a strategic alliance to empower the trade ecosystem with a fully digitized blockchain platform for greater transparency reduced cost and increased investment protection. Monimove utilizes Blockchain for its supplychain and payment platform. 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 that “This will help all the stakeholders in the ecosystem to minimize 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 organizations and minimizes 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.
